Krispy Kreme Doughnuts, Inc. is an American global doughnut company and coffeehouse chain based in Winston-Salem, North Carolina. Krispy Kreme is to become a privately held company owned by JAB Beech, itself a private German investment firm. Krispy Kreme founder Vernon Rudolph bought a yeast-raised recipe from a New Orleans chef and, in 1937, rented a building in what is now historic Old Salem in Winston-Salem, and began selling to local grocery stores. In the United States, Krispy Kremes products are sold via their own outlets as well as through grocery, convenience stores, supermarkets, and Temples. They are also available in other countries through various channels. The companys growth was steady prior to its initial public offering but profits have decreased in recent quarters.