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CHARLOTTE, N.C., USA – In December, Krispy Kreme, Inc. has reached an agreement for Unison Capital, Inc. (“Unison”) to purchase its operations in Japan. Cash proceeds from this transaction are estimated to be approximately $65 million dependent on the fiscal year 2025 financial results for Japan. Proceeds are expected to be used for debt pay down after transaction-related fees and expenses. The transaction is projected to close in the first quarter of 2026.
Last year, Krispy Kreme celebrated 20 years in Japan, 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.
Unison was founded in 1998 and specializes in consumer, healthcare, and B2B services. It has raised approximately $5 billion in assets across six funds in Japan and three funds in South Korea. Relevant investments have included a bubble tea chain, a noodle chain, a sushi chain, and a wine retailer.
“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,” said Krispy Kreme CEO Josh Charlesworth.
“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,” said Unison Co-Founder and Managing Partner Tatsuya Hayashi.
