Who Owns Krispy Kreme?

Vernon Rudolph founded Krispy Kreme in 1937 in Winston-Salem, North Carolina. Rudolph had purchased a yeast-raised doughnut recipe from a New Orleans chef named Joe LeBeau and initially sold doughnuts wholesale to local grocery stores. Customers drawn to the aroma of fresh doughnuts asked to buy directly, leading Rudolph to cut a hole in the wall of his shop and sell directly to passersby, establishing the brand's signature fresh-from-the-fryer experience.

The company expanded steadily through the Southeast during the 1950s and 1960s, building a loyal regional following around its Original Glazed doughnut. Krispy Kreme remained a closely held regional chain until 1976, when it was acquired by Beatrice Foods. Beatrice sold the company back to its franchisees in 1982, and the company operated as a private entity through the 1980s and 1990s.

Krispy Kreme went public for the first time in April 2000 on NASDAQ under ticker KKD, raising approximately $63 million. The IPO generated significant media attention, and the company's expansion into new markets outside the Southeast, including New York City, created lines around the block and extensive press coverage. The stock price rose sharply in the months following the IPO.

The early 2000s expansion proved unsustainable. In 2004, Krispy Kreme disclosed accounting irregularities related to franchise acquisitions and restated its financial results. The company's stock collapsed, stores closed, and the company filed for bankruptcy protection in 2009 for certain subsidiaries. The core brand survived and restructured.

JAB Holding Company acquired Krispy Kreme in May 2016 for $1.35 billion, taking it private. Under JAB's ownership, Krispy Kreme shifted its business model from a primarily retail store format to a hub-and-spoke distribution model, supplying fresh doughnuts to grocery stores, convenience stores, and other retail points in addition to its own shops. The company expanded internationally, particularly in the United Kingdom, Australia, and Canada.

Krispy Kreme returned to public markets in July 2021 on NASDAQ under ticker DNUT. In 2022, the company announced a partnership with McDonald's to distribute Krispy Kreme doughnuts at McDonald's locations across the United States. The national McDonald's rollout was completed in 2024, adding approximately 12,000 McDonald's locations as distribution points. The partnership significantly expanded Krispy Kreme's reach but also increased operational complexity and costs.

In January 2025, JAB Holding announced a proposal to take Krispy Kreme private again at $9.50 per share. The company's stock had traded below its $17 IPO price for most of its public life, and JAB cited the challenges of managing a capital-intensive distribution expansion under public market scrutiny.