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Edelman Smithfield represents Krispy Kreme as it explores strategic alternatives for its 250-member Insomnia Cookies chain.
Krispy acquired Insomnia, which is expected to generate $230M in fiscal 2023 revenues, in 2018.
Headquartered in Philadelphia, Insomnia offers cookies, ice create and sweet treats in-store, for local delivery and nationwide shipping. About 45 percent of its revenues is generated digitally.
Krispy CEO Mike Tattersfield said the divestiture of Insomnia will enable his company to focus on doughnuts.
He oversees operations in 37 countries and looks to move into three-to-five new nations each year, and develop new channels such as quick service restaurants.
Edelman Smithfield’s Ashley Firlan and Ashna Vasa handle Krispy, which is based in Charlotte.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
