The US pastry manufacturer – which has stores across the UK – announced the sale on May 9 and is expected to close the deal in the third quarter of this year.
Ceo of Krispy Kreme Tony Thompson said the sale would help to boost sales and to spread the company’s brand profile worldwide.
“JAB’s experience and industry knowledge make them the ideal partner to help grow the iconic Krispy Kreme brand throughout the world,” said Thompson.
“We remain focused on our long-term strategy and continuing to offer our premium, high-quality doughnuts and sweet treats to consumers around the world."
Krispy Kreme will be privately-owned and will continue to be operated independently from the company’s current headquarters in Winson-Salem, North Carolina.
Chairman of the board of directors Jim Morgan added: “This transaction puts us in the best possible position to continue to spread that joy to a growing number of people around the world while delivering significant value to Krispy Kreme shareholders.
Krispy Kreme sale – at a glance
- £935M sale to JAB Holding
- Krispy Kreme shares worth £14.55 each
- Transaction to close in third quarter
“I am confident the JAB team is the right partner with whom to continue building upon our incredible legacy.”
Senior partner at JAB Peter Harf said the sale would greatly benefit the doughnut maker.
He said: “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.”
Buyout of coffee maker
The sale of Krispy Kreme follows JAB Holding’s buyout of coffee maker Keurig Green Mountain in December of last year for about £9.6M.
Krispy Kreme was founded in the 1930s and makes doughnuts that are sold in about 500 Tesco stores and service stations in the UK. The business operated more than 1,100 stores in over 26 countries.
Doughnut 'hole in the wall'
Krispy Kreme surprised commuters in London with its special edition Nutty Chocolatta doughnut this week. A doughnut ‘hole in the wall’ installed at its Holborn store allowed customers to use contactless payments to purchase the “artisan-inspired” Nutella filled doughnut.