After a down year, Crumbl experienced a significant bounce back in 2024 as sales rumors loom large.
In 2024, 858 locations reported average sales of $1.35 million. This represents a roughly 17 percent increase from the previous year when 571 units reported $1.16 million. Average net profit was $251,706, or 105 percent growth from $122,955 during the prior year.
The figures are a major improvement from 2023, when sales and net profit dropped 37 percent and 59 percent year-over-year, respectively.
The cookie giant—the largest of its kind in North America—finished 2024 with 1,059 stores after opening a net of 87. This follows net openings of 281, 363, and 184 stores in the prior three years, respectively. Crumbl also shuttered 19 units in the past two years after not closing any in its first six years of business.
Bloomberg reported earlier this year that Crumbl is exploring a $2 billion sale. The brand is working with investment bank North Point on a sales process. Private equity firms may be interested. Crumbl wants a valuation 10 times its annual EBITDA, which is around $150 million.
Founded in 2017 by cousins Jason McGowan and Sawyer Hemsley, the chain began as “Crumbl Cookies” but switched to “Crumbl” so it could diversify the menu with additional dessert items like cakes, pies, and pudding. The company is well-known for its pink boxes and rotating flavors that drop every Sunday. It’s become a social media sensation, with more than 10 million followers on TikTok, 1.4 million on Twitter, and 6.2 million on Instagram.
Private equity has recently shown significant interest in large franchise concepts.
Last year, Blackstone purchased Jersey Mike’s and Tropical Smoothie Cafe and invested in 7 Brew. Roark Capital also finalized its acquisition of Subway.
Bloomberg reported that Bain Capital will acquire Sizzling Platter, a 750-unit franchisee of Wingstop, Dunkin’, and Jersey Mike’s, for more than $1 billion. To kick off 2025, new private equity player Maple Park Capital bought a majority interest in 575-unit franchise Rita’s Italian Ice and Frozen Custard.
