WINSTON-SALEM, N.C., Sept. 25, 2013 /PRNewswire/ -- Krispy Kreme announced today that it has signed its first development agreement in South America with Bogota-based IRCC Ltda., a subsidiary of the VA! Group. Under the agreement, the international sweet treat retailer's newest franchise partner expects to develop 25 stores in major cities throughout Colombia, including Bogota, Medellin and Barranquilla, over the next five years.
"This is a very exciting and important announcement for Krispy Kreme as we enter the market in South America with IRCC, the leader and a true innovator in the Colombian food service industry," said Jeff Welch, Krispy Kreme President— International. "Colombia offers Krispy Kreme an attractive opportunity with its growing economy and long customer experience with international brands. We are confident that IRCC, with 30 years of experience delighting customers in Colombia and Latin America through their world-class brands, will be a great partner as we bring the one-of-a-kind Krispy Kreme experience to Colombia."
"We are very excited to bring Krispy Kreme's unique products and in-store experience to Colombia. As the growth of the restaurant industry continues in our country, Colombians are seeking out new and different flavors. We are confident that they are going to love the melt-in-your-mouth taste of a hot Original Glazed® doughnut, and that the experience of the iconic Doughnut Theatre™ will bring smiles to the faces of guests of all ages," says Felipe Baptiste, CEO of VA! Group. "In a market where the consumption per capita has a lot of space to grow, we are very grateful to Krispy Kreme for choosing us as its partner in developing the Krispy Kreme brand in the Colombian market."
The Krispy Kreme Original Glazed® doughnut can be found in nearly 800 locations worldwide, including Australia, Bahrain, Canada, Dominican Republic, Indonesia, Japan, Kuwait, Lebanon, Malaysia, Mexico, the Philippines, Puerto Rico, the Republic of Korea, Qatar, Russia, the Kingdom of Saudi Arabia, Thailand, Turkey, the United Arab Emirates, the United Kingdom and the United States.
About VA! Group and IRCC, Ltda.
VA! Group is the leading restaurant operator in Colombia in terms of sales, units and geographic coverage, with 285 units and presence in 42 cities across the country. The VA! Group has several of the most recognizable brands in the industry, including Hamburguesas El Corral, El Corral Gourmet, and Beer Station (all part of IRCC, Ltda.) as well as Papa John's, Lenos & Carbón, Yogen Früz, and Paneroli. The VA! Group started operations in 1983, and today it has international operations in Ecuador, Chile, Panama and the US through a franchise model. The Company's multi-format strategy has allowed it to reach the most significant socioeconomic and demographic segments of the population, by offering a wide variety of value propositions to consumers eating outside their homes while also providing diversification. The Company also has two industrial units that provide products for its restaurants business, as well as supply independent institutional clients.
About Krispy Kreme
Krispy Kreme (NYSE: KKD) is an international retailer of premium-quality sweet treats, including its signature Original Glazed(R) doughnut. Headquartered in Winston-Salem, N.C., the Company has offered the highest-quality doughnuts and great-tasting coffee since it was founded in 1937. Krispy Kreme is proud of its Fundraising program, which for decades has helped non-profit organizations raise millions of dollars in needed funds. Today, Krispy Kreme can be found in over 785 locations in 21 countries around the world. Visit us at www.KrispyKreme.com.
Information contained in this press release, other than historical information, should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's beliefs, assumptions and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition we express or imply in any forward-looking statements. The words "believe," "may," "forecast," "could," "will," "should," "would," "anticipate," "estimate," "expect," "intend," "objective," "seek," "strive" or similar words, or the negative of these words, identify forward-looking statements. Factors that could contribute to these differences include, but are not limited to: the quality of Company and franchise store operations; our ability, and our dependence on the ability of our franchisees, to execute on our and their business plans; our relationships with our franchisees; our ability to implement our international growth strategy; our ability to implement our domestic small shop operating model; political, economic, currency and other risks associated with our international operations; the price and availability of raw materials needed to produce doughnut mixes and other ingredients, and the price of motor fuel; our relationships with wholesale customers; our ability to protect our trademarks and trade secrets; changes in customer preferences and perceptions; risks associated with competition; risks related to the food service industry, including food safety and protection of personal information; compliance with government regulations relating to food products and franchising; increased costs or other effects of new government regulations relating to healthcare benefits; and risks associated with implementation of new technology platforms. These and other risks and uncertainties, which are described in more detail in the Company's most recent Annual Report on Form 10-K and other reports and statements filed with the United States Securities and Exchange Commission, are difficult to predict, involve uncertainties that may materially affect actual results and may be beyond the Company's control, and could cause actual results, performance or achievements to be materially different from those expressed or implied by any of these forward-looking statements. New factors emerge from time to time, and it is not possible for management to predict all such factors or to assess the impact of each such factor on the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
SOURCE Krispy Kreme Doughnut Corporation