Reuters is reporting that Lindon-based Crumbl is exploring a sale of the company that could value the popular cookie chain at nearly $2 billion, including debt. The news wire quoted “people familiar with the matter” for the news.
The bakery franchise chain is working with investment bank North Point on a sale process that could attract interest from private equity firms, the sources said, requesting anonymity as the matter is confidential, Reuters said. The owners of the cookie chain are hoping to command a valuation for the business equivalent to more than 10 times its annual earnings before interest, taxes, depreciation and amortization of nearly $150 million, the sources said.
Crumbl and North Point did not respond to requests for comments from Reuter’s on the report.
Launched in 2017 by cousins Jason McGowan and Sawyer Hemsley, Crumbl in recent years has gained a huge social media following across platforms such as TikTok, Instagram and YouTube.
Crumbl, which sells its cookies in a distinctive pink box with its logo, opened its first location in 2017 in Logan and now has 1,071 locations across North America, according to its website.