US identity Krispy Kreme Doughnuts has announced its first franchise agreements in Australia and New Zealand.
The company said the agreements were the first outside North America.
Development rights were awarded to Borderless Australia Pty Ltd which will roll out 30 stores over the next 5 years in both countries.
"Krispy Kreme Doughnuts,
Inc will retain a 35 per cent equity interest in the new partnership, with Borderless Australia owning the remaining 65 per cent," the US company said in a statement.
John McGuigan, joint owner of Borderless Australia, will be responsible for the management of the new doughnut company's operations.
A native of Sydney, Mr McGuigan has spent most of his career working at Baker and McKenzie, the world's largest law firm, where he served as global executive chairman.
"The fact that Krispy Kreme has selected Australia as the first market outside North America is extremely exciting," said Mr McGuigan.
Borderless' founder and chairman Lawrence Maltz previously served as the original chief operating officer of Starbucks Coffee Company and helped with the company's international expansion.
Krispy Kreme said it had spent the past year investigating international opportunities, identifying Australia and New Zealand, Japan, South Korea, Spain and Britain as similar markets to its own.
Founded in 1937 in Winston-Salem, Krispy Kreme currently operates 226 stores in the US, and also in Canada.
- NZPA
