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Krispy Kreme Doughnuts Inc. (NYSE:KKD - News) paid $23 million to increase its ownership stake in Glazed Investments LLC, the franchisee with development rights for Wisconsin, Minnesota and Colorado, the company said Thursday.
The company announced on August 29, 2002 that it would increase its ownership interest from 30% to 74.7%. The details if the deal released today included $800,000 in cash and 596, 360 shares of stock valued at $22.2 million.
The transaction also grants Krispy Kreme the right to designate four of the six managers of Glazed Investments.