Krispy Kreme Says On March 23, Increased WKS Ownership In Western U.S. JV From 45% To 80%, Expand Footprint And Use Proceeds To Pay Down Debt

 WKS Restaurant Group increases stake in Western U.S. joint venture and expands footprint

Unison Capital acquires Japan operations

Net cash proceeds from both transactions to be used for debt paydown

Krispy 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.

WKS Restaurant Group Increases Stake in Western U.S. Joint Venture and Expands Footprint

On 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.

Following 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.