Wealth Finance
That’s rich: Crumbs cupcakes goes public in $66M deal
That’s one rich cupcake.
Crumbs cupcakes going public in a $66 million merger with an investment company.
The 57th Street General Acquisition Corp. will acquire the seven year-old company next month, reports Inc.com.
Original owners Jason and Mia Bauer will reportedly continue to run the business and plan to change the name of the company to Crumbs Bake Shop once the business goes public.
Crumbs will receive $27 million in cash and $39 million in stock from the investment company, reports the site. If the company performs well once on the Nasdaq, the Bauers could receive an additional $44 million in stock.
Crumbs sold almost 13 million cupcakes in 2010 and currently operates 34 stores in six states. The really good news? The company reportedly plans to expand to 200 locations by 2014.
After opening a store on the upper West Side in 2003, the brand quickly became famous for its signature, large-sized cupcakes based on Mia’s own recipes, which feature unusual flavors such as apple cobbler and dulce de leche.
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