Business
Krispy Kreme Advances Turnaround to Drive Capital-Light Growth Through Refranchising
WKS Restaurant Group increases stake in Western U.S. joint venture and expands footprint Unison Capital acquires Japan operations Net cash proceeds from both
About this update from Krispy Kreme, Inc.
[{"type":"text","content":"\n WKS Restaurant Group increases stake in Western U.S. joint venture and expands footprint\n\n\nUnison Capital acquires Japan operations \n\n\nNet cash proceeds from both transactions to be used for debt paydown\n\n\n CHARLOTTE, N.C.--(BUSINESS WIRE)--\nKrispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme”, “KKI”, or the “Company”) today announced continued progress on its turnaround plan to deleverage the balance sheet and drive sustainable, profitable growth through refranchising, a key component of the plan.\n\n\nWKS Restaurant Group Increases Stake in Western U.S. Joint Venture and Expands Footprint\n\n\nOn March 23, 2026, Krispy Kreme completed a transaction with its joint venture partner, WKS Restaurant Group (“WKS”), to increase WKS’s ownership stake in the Western U.S. joint venture from 45% to 80% and expand the joint venture’s footprint. The total amount payable to the Company in connection with the transaction is approximately $90 million with approximately $50 million of cash to the Company at closing, which it expects to use to reduce debt, and a note payable over time. Further details are available in the Company’s Form 8-K to be filed with the Securities and Exchange Commission.\n\n\nFollowing the transaction, the joint venture added 23 shops in California and Hawaii that were previously operated by the Company. This is in addition to the joint venture’s existing 50 shops across the Western U.S. and approximately 1,000 fresh delivery locations with strategic partners such as Kroger, Target, and Walmart. The joint venture has further agreed to develop additional shops and plans to expand Krispy Kreme’s fresh delivery footprint over the next several years.\n\n\n“Our long-standing partnership with WKS has been key to Krispy Kreme’s growth in the Western U.S. This transaction advances our strategy to drive sustainable, profitable growth through capital-light refranchising while further reducing our leverage,” said Krispy Kreme CEO Josh Charlesworth.\n\n\n“We are excited to expand our partnership with Krispy Kreme. By increasing our ownership stake and meaningfully expanding the joint venture’s footprint, we are reinforcing our confidence in the brand and positioning the business to accelerate development across the Western U.S.,” said WKS Restaurant Group President & Chief Executive Officer Roland Spongberg.\n\n\nUnison ...