NEW YORK — Verlinvest and Mistral Equity Partners, two private equity companies, have acquired Insomnia Cookies from Krispy Kreme, Inc. for $127.4 million.
Krispy Kreme acquired Insomnia Cookies in 2018 for an undisclosed amount. The company is a digital marketer and retailer of such products as cookies and ice cream. The business generates approximately $230 million in sales, and Krispy Kreme will continue to own a minority stake in the company.
Krispy Kreme said it was considering strategic alternatives for the business in October 2023.
“Building off of a very successful five-year partnership with Krispy Kreme, we’re thrilled to welcome Verlinvest and Mistral to this new chapter of our journey,” said Insomnia Cookies founder Seth Berkowitz, who will continue in his role as chief executive officer.
Founded in 1995, Verlinvest focuses on investing in businesses in the consumer goods, health, technology and lifestyle categories. Previous investments have included Oatly, Tony’s Chocoloney and Vita Coco.
Mistral Equity Partners specializes in consumer and media businesses. Past food industry investments have included Jamba Juice and Shearer’s Foods.
“We are excited to partner with the company through the next phase of its growth,” said Andrew Heyer, CEO of Mistral Equity Partners. “Having known Seth since 2004, we are delighted to have the opportunity to work with him again as well as the best-in-class teams at Krispy Kreme and Verlinvest.”
