Coffee Empire Buys Krispy Kreme
Krispy Kreme was just purchased by a coffee conglomerate
The ubiquitous coffee-and-doughnut breakfast is about to get even more prevalent. Krispy Kreme was recently purchased by European coffee empire JAB Holding Company for $1.35 billion.
The owners behind JAB Holding are the Reimann family, who possess a massive coffee empire including Stumptown Coffee Roasters, Peet's Coffee & Tea and Caribou Coffee. According to Bloomberg, the conglomerate is ready to dunk into a sweeter enterprise. The deal marks JAB's second high profile breakfast buyout in recent months, following news of its nearly $14 billion acquisition of single-serve empire Keurig Green Mountain Inc. in December. The company also has controlling shares of coffee brands Maxwell House and Gevalia.
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News of the merger has already generated newfound excitement in the brand: Krispy Kreme's stock leaped up 24 percent this morning alone. Considering Krispy Creme's introduction of original coffee blends in 2011, as well as its redecorating of several locations, it's clear that the chain is interested in becoming more than a pickup spot for treats. The new doughnut deal will likely boost Krispy Kreme into its desired neighborhood of more popular coffee and snack franchises, like Starbucks and Dunkin' Donuts.
Anyone else having a Homer Simpson-level craving right about now?