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Krispy Kreme is now part of a giant coffee and doughnut empire. German conglomerate JAB Holding has agreed to purchase the North Carolina-based company for $1.35 billion, Bloomberg reports.

JAB made headlines last December when it added coffee pod maker Keurig Green Mountain to its portfolio for nearly $14 billion. JAB also owns chains Caribou Coffee and Peet's Coffee & Tea — the latter of which purchased beloved indie coffee roaster Stumptown last year — and has controlling stakes in a number of other coffee brands including Tassimo, Maxwell House, and Gevalia. Bloomberg notes the company "has spent more than $30 billion in the past four years acquiring coffee companies in the U.S. and Europe to challenge global leader Nestle SA."

Following news of the merger, Krispy Kreme's stock surged by 24 percent this morning and is currently trading just below $21. Being purchased by a global coffee giant will surely aid the chain's recent push into upping its coffee game in an effort to compete with chains like Dunkin' Donuts.

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