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.