Ownership profile
Who owns Crumbl Cookies?
Crumbl Cookies is a privately held franchise chain majority-owned by its co-founders Jason McGowan and Sawyer Hemsley; in May 2025, private equity firm TSG Consumer Partners took a confirmed minority (preferred equity) stake, while Crumbl also reportedly arranged ~$500 million in private credit from Blackstone and Golub Capital.
Ownership profile
Crumbl Cookies
Crumbl, LLC (also known as Crumbl IP, LLC for IP holdings)
Evidence (10)
Bloomberg reported in December 2025 that Crumbl has private equity backing (TSG) alongside reports of franchisee dissatisfaction and operational challenges
https://www.bloomberg.com/news/features/2025-12-12/crumbl-cookies-has-private-equity-backing-and-unhappy-franchiseesOn May 1, 2025, TSG Consumer Partners agreed to take a confirmed minority stake in Crumbl via preferred equity, corroborated by a Crumbl representative statement to Bloomberg
https://news.bloomberglaw.com/private-equity/tsg-consumer-is-said-to-near-investment-in-cookie-chain-crumblTSG Consumer Partners is a specialist private equity firm focused on mid-sized branded consumer companies, formed in 1987 and based in San Francisco
https://mergr.com/transaction/tsg-consumer-partners-invests-in-crumblTrademarks including 'CRUMBL' and 'CRUMBL COOKIES' are registered to Crumbl IP, LLC per USPTO filings
https://trademark.justia.com/owners/crumbl-ip-llc-4915741Co-founders Jason McGowan (CEO) and Sawyer Hemsley (Chief Brand Officer) remain majority owners of the privately held company; McGowan reportedly holds more than 50% of Crumbl
https://crumblspoilers.com/who-owns-crumbl-cookies/Crumbl is legally structured as Crumbl, LLC, the primary brand and operating entity, with IP held under Crumbl IP, LLC
https://brandsownedby.com/who-owns-crumbl-cookies/The company is not publicly traded and operates as an LLC; financials are not publicly disclosed
https://crumblcookieflavors.us/who-owns-crumbl-cookies/The TSG investment is structured as preferred equity (minority stake), meaning TSG does not hold a controlling interest; exact percentage of stake is not publicly disclosed
https://www.chowhound.com/1984872/who-actually-owns-crumbl-cookies-explained/Crumbl operates a franchise model; franchisees own individual locations but hold no stake in the corporate entity, paying a $50,000 startup fee and 8% royalty on annual gross sales
https://www.chowhound.com/1984872/who-actually-owns-crumbl-cookies-explained/Alongside the TSG equity deal, Blackstone and Golub Capital were reported to be in talks to provide approximately $500 million in private credit (unitranche loan) to Crumbl
https://1851franchise.com/crumbl-franchise-investment-tsg-consumer-2729267What's uncertain
- The exact percentage of TSG Consumer Partners' minority preferred equity stake has not been publicly disclosed as of the research date.
- It is not confirmed whether the ~$500M Blackstone/Golub Capital unitranche loan was finalized; it was reported as 'in talks' as of May 2025.
- A broader sale process (valuing Crumbl at ~$2 billion) was reported as ongoing in early 2025; no confirmed full sale or change of control has been reported as of September 2026.
- Sawyer Hemsley's exact ownership percentage beyond 'most of the remaining common equity' has not been independently verified.
- Franchise-level findings (fees, royalties) apply to individual franchise operators, not to the corporate entity's ownership structure.
- Crumbl, LLC's state registration details (Utah) were not independently verified via OpenCorporates or the Utah Division of Corporations in this search.