Krispy Kreme bought by Kenco coffee owner
The US doughnut company Krispy Kreme has agreed to be bought by Kenco coffee owner, JAB Holding, for $1.35bn (£935m).
German investment firm JAB also owns coffee brands Peets and Douwe Egberts, as well as the luxury shoe firm Jimmy Choo and beauty firm Coty.
The deal is expected to close by September, when the 80-year-old doughnut firm will be privately held.
Shares in Krispy Kreme jumped 24% as Wall Street opened.
"For nearly 80 years, our iconic brand has been touching and enhancing lives through the joy that is Krispy Kreme," said Jim Morgan, chairman of Krispy Kreme.
"This transaction puts us in the best possible position to continue to spread that joy to a growing number of people around the world."
That sentiment was echoed by JAB's senior partner Peter Harf.
"We are thrilled to have such an iconic brand as Krispy Kreme joining the JAB portfolio," he said.
"We feel strongly that Krispy Kreme will benefit greatly from our long-term focus and support for management's vision in building on the legacy of this exciting brand as an independent standalone entity."
Krispy Kreme has more than 1,100 shops in more than 26 countries, including self-serve cabinets in about 500 Tesco stores and service stations in the UK.
JAB Holding is the investment vehicle for the billionaire Reimann siblings. In December last year they bought coffee-pod maker Keurig Green Mountain for $13.9bn (£9.6bn).