Krispy Kreme has sold its remaining stake in Insomnia Cookies for $75 million in cash, following the doughnut maker’s sale of its majority stake last year.
“This is an important step as we focus on our two biggest opportunities: Profitable US expansion and capital-light international franchise growth,” said Josh Charlesworth, CEO of Krispy Kreme.
The company plans to use the $75 million to pay down its debt after covering transaction-related fees and expenses.
“We continue to take swift, decisive action to de-leverage our balance sheet and drive sustainable, profitable growth,” said Charlesworth.
Last month, Krispy Kreme doubled down on franchise expansion despite softer earnings.