Companies and Brands
Krispy Kreme Sold to JAB for $1.35 Billion
Published:
Last Updated:
Krispy Kreme Doughnuts Inc. (NYSE: KKD) announced Monday morning that it has agreed to be acquired by a subsidiary of Luxembourg-based JAB Holding for $21 per share in cash, or about $1.35 billion. The purchase price represents a premium of about 25% to the stock’s closing price last Friday.
JAB acquired Keurig Green Mountain last year for around $13.9 billion, and its JAB Beech subsidiary, the entity acquiring Krispy Kreme, also owns Peet’s Coffee, Caribou Coffee and Stumptown coffee brands, as well as Einstein Noah Restaurant Group. JAB also owns a controlling interest in Coty Inc. (NYSE: COTY) and a number of other luxury brands.
The transaction is expected to be completed in the third quarter, and Krispy Kreme will operate independently from its current base in Winston-Salem, N.C. The company’s annual shareholders’ meeting, originally scheduled for June 14, has been postponed. According to the announcement a new date will be provided later, if need be.
Peter Harf, a senior partner at JAB, said:
We are thrilled to have such an iconic brand as Krispy Kreme joining the JAB portfolio. This is yet another example of our commitment to investing in extraordinary brands with significant growth prospects. We feel strongly that Krispy Kreme will benefit greatly from our long-term focus and support for management’s vision in building on the legacy of this exciting brand as an independent standalone entity.
Krispy Kreme stock closed at $16.86 last Friday, in a 52-week range of $12.90 to $20.38, but opened Monday at $20.91, up around 24%.
The Average American Is Losing Momentum on Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%* today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying nearly 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.