A company beloved for its ooey-gooey glazed doughnuts has sold part of its operation.
Krispy Kreme announced this week that it is selling its operations in Japan to Unison Capital for $65 million in cash to pay down debt. The transaction is projected to close in the first quarter of 2026.
Krispy Kreme celebrated 20 years in Japan earlier this week, a milestone that began with the launch of its first store in Shinjuku, Tokyo. Since then, the brand has grown to 89 locations and nearly 300 fresh delivery points of access across Tokyo, Osaka, and other major cities nationwide.
“We are pleased to announce our first international refranchising agreement since launching our turnaround plan in August, marking meaningful progress on a key pillar of the plan,” said Krispy Kreme CEO Josh Charlesworth.
“Unison is a proven, skilled operator with deep expertise in the retail beverage and restaurant sectors, and we believe they are an ideal long-term partner to operate and grow Krispy Kreme in Japan. The sale of our Japan business is an important step in advancing our refranchising initiative, supporting greater financial flexibility and reducing debt.”
According to Restaurant Business, Krispy Kreme’s model uses larger shops that deliver doughnuts to retailers daily to support demand.
But the plan requires significant investment and poor sales at some locations, like McDonald’s, led the Charlotte-based company to change course. It ended its McDonald’s partnership in July.
“Ultimately, efforts to bring our costs in line with unit demand were unsuccessful, making the partnership unsustainable for us,” Charlesworth said in June.
Unison was founded in 1998 and specializes in consumer, healthcare, and business-to-business services. It has raised approximately $5 billion in assets across six funds in Japan and three funds in South Korea, according to a news release.
Relevant investments have included a bubble tea chain, a noodle chain, a sushi chain, and a wine retailer.
“We are excited to assume ownership of Krispy Kreme’s operations in Japan and to be joining forces with such an iconic global brand,” said Unison Co-Founder and Managing Partner Tatsuya Hayashi.
“For two decades, Krispy Kreme’s fresh doughnuts have brought joyful experiences to communities across Japan and we look forward to building on that tradition. We share their commitment to excellence and growth and are proud to represent Krispy Kreme as a trusted partner in operating and expanding the brand’s footprint in Japan.”
Krispy Kreme operates in more than 40 countries.
