Corporate Profiles - 2024 - 80

COMPANY overview
JAB Holding Co.
J
New CEO oversees steady
portfolio performance
AB Holding Co. bookended 2023 with a significant
leadership change. Olivier Goudet,
chief executive officer of JAB Holding since
2012, transitioned out of the position and into
one as senior investment adviser. Joachim Creus
assumed the role of CEO. Creus has been with the
Luxembourg-based company since 2010 and was
promoted from managing partner.
" For the last 12 years under Olivier's leadership,
we scaled JAB with the right assets, building
a diverse and highly resilient investment
portfolio that is ideally positioned to continue to
deliver attractive risk adjusted returns over the
long term, " Creus said.
Addition by subtraction has been part of the
strategic focus for JAB Holding subsidiary Krispy
Kreme. The donut chain sold a majority stake in
our balance sheet, " said Josh Charlesworth, president
and CEO at Krispy Kreme, which was about
45% owned by JAB as of Dec. 31, 2023.
The company also is planning to expand its
footprint in the United States and abroad. Krispy
Kreme partnered with McDonald's in March to
increase its delivered fresh daily business and
bring Krispy Kreme donuts to 1,000 McDonald's
restaurants this year, with plans to add 5,000 restaurants
in 2025 and 6,000 in 2026. By the end
of 2026, Krispy Kreme expects to be delivering
daily donuts to more than 85% of McDonald's
locations in the United States, said Charlesworth.
" By making Kreme Krispy accessible to fans
nationwide through this partnership, we expect to
more than double our points of access by the end
of 2026, " he said. " The partnership accelerates the
development of our existing delivered fresh daily
channel, creating operating leverage through distribution
density and production utilization. "
In August, Krispy Kreme created a joint venture
with Glaseadas Originales, a food retailer
based in Spain, to bring fresh donuts to the
Spanish market. Through the venture, the company's
donuts will be available at a Hot Light
Theater Shop located in Madrid beginning in
2025, with a further 500 fresh points of access
to be developed in key cities like Madrid, Barcelona,
Valencia and Malaga by 2030.
JAB Holding's Panera Brands portfolio, consisting
Chief executive officer -
Joachim Creus
Insomnia Cookies to a pair of private equity firms
in a deal valued at $127.4 million in June. Krispy
Kreme originally acquired Insomnia in 2018, with
the business unit generating approximately $230
million in sales.
Krispy Kreme remains a minority stakeholder
in Insomnia (approximately 34%) following the
sale, and proceeds from the transaction are expected
to help pay down debt and increase the
availability of its donut products.
" This transaction allows us to focus on our core
strategy of producing, selling, and distributing
fresh donuts daily while also further strengthening
80 \ October 2024
of Panera Bread, Caribou Coffee and Einstein Bros.
Bagels, has continued to perform well. Caribou
expanded its US store presence through companyowned
developments and its franchise program
announced last year, which is expected to add 300
stores. The brand additionally created a long-term
licensing agreement with fellow JAB Holding subsidiary
JDE Peet's. Under the agreement, JDE Peet's
will produce, market and sell Caribou's consumer
packaged goods and foodservice coffee products
outside of Caribou establishments.
" Panera Brands continued to show in-market
revenue growth combined with strong margin
gains due to strong labor and food management
as well as pricing ahead of inflation, " JAB Holding
said. CP
Krispy Kreme sold its majority stake in
INSOMNIA COOKIES to a pair of
private equity firms in a deal valued at
$127.4 million in June.
Krispy Kreme partnered with
MCDONALD'S in March to increase
its delivered fresh daily business and
bring Krispy Kreme donuts to 1,000
McDonald's restaurants this year, with
plans to add 5,000 restaurants in
2025 and 6,000 in 2026.
PANERA BRANDS portfolio, consisting
of Panera Bread, Caribou Coffee
and Einstein Bros. Bagels, has continued
to perform well.
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