Verlinvest, an international evergreen investment company, and Mistral Equity Partners, a New York-based private equity firm, recently invested in Philadelphia-based Insomnia Cookies, a late-night bakery concept.
The investment will help Insomnia Cookies achieve its goal of opening more than 1,800 bakeries in the United States over the next few years and reaching international markets. The company currently has more than 285 locations nationwide and offers cookies, ice cream, and other sweets.
Verlinvest has experience investing in consumer brands. Its portfolio includes Mutti, Oatly, Tony’s Chocolonely, and Vita Coco.
Mistral Equity Partners is a former long-term investor in Insomnia. Its portfolio includes or has included Jamba Juice, Shearer’s Foods, and Vino Volo.
After the investment, North Carolina-based Krispy Kreme sold its majority stake in Insomnia Cookies.
“Building off of a very successful five-year partnership with Krispy Kreme, we’re thrilled to welcome Verlinvest and Mistral into this chapter of our journey,” Seth Berkowitz, Insomnia Cookies founder and CEO, said. “We now are poised to further accelerate our growth, exceed our long-term ambitions and most importantly deliver on the growing demand for warm, delicious treats from Insomniacs across the globe.”
This year, Insomnia Cookies is on track to open 55 stores, a company record.