Doughnut company Krispy Kreme has agreed to sell its Japanese operations to private equity firm Unison Capital in a deal valued at about $65m.
The transaction, described as Krispy Kreme’s first international refranchising agreement since it set out a turnaround plan in August, is expected to complete in the first quarter of 2026.
Krispy Kreme currently operates 89 outlets in Japan, alongside around 300 fresh delivery points in Tokyo, Osaka and other major urban areas.
The company said cash proceeds, after fees and associated costs, are earmarked for reducing debt.
Krispy Kreme CEO Josh Charlesworth said: “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.
“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.”
Buyer Unison Capital, founded in 1998, focuses on investments in consumer, healthcare and B2B services.
The company has secured roughly $5bn in capital through six investment vehicles in Japan and a further three in South Korea.
Its portfolio includes food and drink operators such as a bubble tea chain, a noodle concept, a sushi business and a wine retailer.
Unison co-founder and managing partner Tatsuya Hayashi said: “We are excited to assume ownership of Krispy Kreme’s operations in Japan and to be joining forces with such an iconic global brand. 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.”
In June, Krispy Kreme and fast-food giant McDonald’s USA announced the termination of their partnership over profitability concerns.
