Bakery chain Crumbl explores sale: sources [Video]

NEW YORK –

The owners of Crumbl are exploring a sale that could value the popular cookie chain at nearly US$2 billion, including debt, according to people familiar with the matter.

The Lindon, Utah-based 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.

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.

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Crumbl and North Point did not immediately respond to requests for comment.

Launched in 2017 by cousins Jason McGowan and Sawyer Hemsley, Crumbl in recent years has amassed a sizable social media following across platforms …