Latest news with #Behrens
Yahoo
18-06-2025
- Business
- Yahoo
Wall Street Wants In on Crumbl's Oversized Sugary Cookies
(Bloomberg) -- On a recent afternoon on Manhattan's Upper East Side, young patrons queued up for a TikTok-famous treat: a $5 cookie from Crumbl. Security Concerns Hit Some of the World's 'Most Livable Cities' How E-Scooters Conquered (Most of) Europe JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown Just outside, Merle Behrens, 17, was posing for a photo with the chain's signature pink box in hand. She purchased four of the brand's giant — and very sweet — cookies: Chocolate cake, chocolate chip, cookie dough and blueberry cheesecake. 'Once you see it on social media, and also when you tell your friends or your family that you're going to the States, everyone says, 'Oh, you should get Crumbl cookies,'' said Behrens, who was visiting New York from Germany. Crumbl has built its viral desserts into a big business, with franchisees operating over 1,100 stores in the US, Puerto Rico and Canada. Estimated sales of its brightly-colored, oversized treats more than tripled from $396 million in 2021 to over $1.2 billion in 2024, according to food consultant Technomic. And as customers pull back on big-ticket items like cars or vacations, they're likely to seek daily luxuries that are more affordable, said Aaron Allen, a restaurant consultant whose firm has worked with chains including Starbucks and The Cheesecake Factory. 'This is like, 'I've busted my butt and I deserve a treat, I deserve a cookie,'' Allen said. Now, Wall Street is getting in. In May, private equity firm TSG Consumer Partners agreed to take a minority stake in Crumbl in exchange for preferred equity, while Blackstone Inc. and Golub Capital have closed a $500 million private credit loan to the company, according to a person with knowledge of the confirmed that it sold a minority equity stake to TSG Consumer in a statement to Bloomberg News. 'We are proud of what we've built and are excited about this new partnership with TSG, which will help support our continued growth and long-term vision,' a company spokesperson said. TSG Consumer and Blackstone declined to comment. Golub Capital did not respond to a request for comment. The interest in Crumbl is just the latest example in a string of deals looking to capitalize on America's sweet treat economy. Last week, Krispy Kreme Inc. announced it had sold off its remaining stake in Insomnia Cookies to two private equity firms – after selling a majority stake last summer at a $350 million valuation. That came on the heels of New York's Chip City Cookies bringing in a second round of investment from Enlightened Hospitality Investments, a fund led by Shake Shack Inc. founder Danny Meyer. Crumbl's business is a franchise model, where the company takes 8% of gross sales at locations, in addition to fees for training and marketing. Each week, the brand unveils a fresh batch of treats to its over 16 million followers on TikTok and Instagram, complete with cinematic footage of the desserts on offer. Its emphasis on scarcity works to drive customers into the white-walled, open-concept bakeries week after week. 'This is your last chance to get this week's lineup,' an employee warns in one clip, highlighting her picks: a Banana Cream Pie cookie and a 'classic semi-sweet.' An ecosystem of fan-made content exists in parallel. On TikTok, customers post unboxings, showing off each item to the camera before biting in. On Reddit, devotees campaign for their favorite flavors like 'Mallow Sandwich Cookie' or 'Caramel Toffee Butter Cake' to garner votes at their local stores. (Rewards members who spend over $50 annually can vote on Crumbl's app for items to be added to their local franchise as a one-day special.) These contests have spurred an unofficial barter system on social media in which fans trade votes across locations to boost their preferred flavor. One fan active on the r/CrumblCookies Reddit forum this month pleaded: "please please please can you guys vote for nilla bean cupcake or chocolate covered strawberry at West Brighton location? the first place is s'mores cookie BUT WE'RE GETTING THAT NEXT WEEK!!! i have 4 votes left," to which another replied, 'If you can vote for double fudge brownie in Dalton, Ga I'll vote for yours!' By putting out fresh flavors so regularly, Crumbl has given itself a leg up, said Clifford Hudson, former CEO of Sonic Corp. and the founder and director of DIA Equity Partners. 'It's a more extreme position than what we used to think of as new product news,' he said. "They're taking it to a different level.' Crumbl began in Utah, the project of Jason McGowan and Sawyer Hemsley, co-founders and cousins. The pair opened their first store in Logan, Utah, in 2017. By 2022, there were 691 locations around the US. The business' growth has generated standout paper gains for its co-founders. Based on an analysis of the company's financials and the trading multiples of publicly traded peers, Hemsley and McGowan's founding stakes were worth close to $400 million each before the TSG deal, according to the Bloomberg Billionaires Index. A Crumbl spokesperson confirmed the pair previously owned the company outright, and said McGowan had been the sole capital provider. Crumbl finished 2024 with earnings before interest, taxes, depreciation and amortization of about $91 million, according to calculations based on a firm disclosure. The company declined to comment further on its finances. 'I would be surprised if there's not a pretty good margin in a $5 cookie,' said DIA Equity Partners' Hudson, who has no affiliation with the company or its franchisees. Investor interest in Crumbl comes at an otherwise tricky time for sweets. By volume, sales of 'better-for-you' snacks ticked up in 2024, while more indulgent categories all declined, according to market research firm Circana. And weight-loss drugs like Ozempic and Zepbound are proliferating further – while the federal government scrutinizes synthetic food dyes common in treats, including some of Crumbl's desserts. But Americans tend to eat healthier at home and look for indulgences when they go out, said David Portalatin, senior vice president and industry advisor for food and foodservice at Circana. That was visible in quick-service restaurant traffic in the first quarter: Overall, the sector saw less traffic than it did the year before, Portalatin said. But visits for 'snack occasions' in the afternoon and evening were up. And while Gen Z is more focused on protein and 'functional beverages' than other generations, 28% of their restaurant visits are for snacks, Portalatin said. That's a higher proportion than all other consumers.'Some occasions treat my physical wellbeing, others treat my mental and emotional wellbeing, and they're viewed as being part of the same overall goal,' Portalatin said. A business like Crumbl also offers a degree of certainty around an exit strategy, as opposed to businesses that face more volatility, said Donna Hitscherich, co-director of Columbia Business School's Private Equity Program. The owners of the cookie brand were previously said to be exploring a sale that would value the company at nearly $2 billion, Reuters reported in January. 'At the end of the day, people like their cookies,' she said. --With assistance from Dylan Sloan, Olivia Fishlow and Crystal Tse. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Mark Cuban Has Done Sports, Reality TV and Now Health Care. Why Not US President? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Sport
- Yahoo
Can Patriots unlock Drake Maye's game by adding Cam Newton element to the offense?
(This article was written with the assistance of Castmagic, an AI tool, and reviewed by our editorial team to ensure accuracy. Please reach out to us if you notice any mistakes.) In the latest Yahoo Fantasy Forecast, Matt Harmon and Andy Behrens explain why Drake Maye's rushing ability is being slept on — and in turn his appeal in 2025 drafts is being overlooked. [Join or create a Yahoo Fantasy Football league for the 2025 NFL season] Maye had 421 rushing yards as a rookie, with a staggering 407 of those coming on scrambles — meaning 97% of his rushing output was improvisational rather than by design. As Harmon points out, "Maye's already talked about ... he's looked at some of those old Cam Newton 2020 Patriots games where Josh McDaniels kind of had Cam Newton, what was left of him, cooking as a designed rusher." The implication? Maye has significant untapped rushing upside. Maye wasn't used on designed runs last season, but that could change with McDaniels back in New England, the revamped personnel around the QB and his willingness and capability as a runner. Behrens echoes this point, noting Maye "averaged 7.8 yards per carry. He's great at it. This is definitely a player who, you know, if we're making it a recurring part of the offense, he could easily rush for 750 yards, 800 yards." By the time Newton got to New England, he wasn't the same player as he was earlier in his career, but he still had some huge games that season, finishing with 589 yards rushing and 12 scores on the ground. His fantasy production in 2020 was built on a rushing workload that included designed runs and short-yardage plunges. While it's not fair to saddle every rushing QB with the Newton comp, Maye isn't just a pocket passer — with the right scheme, he might approach the kinds of numbers Newton posted, at least on the ground. If McDaniels calls more designed QB runs, like he did with Newton, Maye's excellent tackle-breaking (he was second in yards after contact among QBs last season) could translate well. Behrens points out New England is a work in progress, but likes the team's offseason moves: "It's hard not to like what they did for him." The team has a rebuilt offensive line and new weapons in Stefon Diggs (free agent), TreVeyon Williams (No. 38 overall pick in the NFL Draft) and Kyle Williams (No. 69). Both Harmon and Behrens agree Maye's rookie passing stats may not jump off the page, but the upside is that rare, golden ticket: a young QB who can run for 700+ yards and rack up 6–8 rushing TDs while he learns. ADP Watch: Currently, Maye's ADP sits around QB18. Behrens and Harmon think that's not baking in Maye's true rushing potential, and training camp hype could push his draft price up if New England leans into a Cam Newton-esque playbook. He could project as a low-end QB1 or top-end QB2 with monster ceiling weeks. League Winner? Behrens says it best: 'If we could just get Drake Maye to like 3,500 passing yards and he's a proactive rusher now he's, now he's got top-10 appeal.' You're looking at a potential difference-maker you can snag outside the top 15 quarterbacks. Maye's dual-threat potential is exciting. He's not Newton yet — and he may never get that full rushing workload — but the skill set is there, and the new-look offense could deploy him like Newton's Patriots days. With a little summer buzz about designed runs (keep an eye out!) and positive reports from training camp, Maye could see an ADP surge and be 2025's surprise QB fantasy star.
Yahoo
20-05-2025
- Sport
- Yahoo
Can Patriots unlock Drake Maye's game by adding Cam Newton element to the offense?
(This article was written with the assistance of Castmagic, an AI tool, and reviewed by our editorial team to ensure accuracy. Please reach out to us if you notice any mistakes.) In the latest Yahoo Fantasy Forecast, Matt Harmon and Andy Behrens explain why Drake Maye's rushing ability is being slept on — and in turn his appeal in 2025 drafts is being overlooked. Advertisement [Join or create a Yahoo Fantasy Football league for the 2025 NFL season] Misunderstood and underrated rushing ability Maye had 421 rushing yards as a rookie, with a staggering 407 of those coming on scrambles — meaning 97% of his rushing output was improvisational rather than by design. As Harmon points out, "Maye's already talked about ... he's looked at some of those old Cam Newton 2020 Patriots games where Josh McDaniels kind of had Cam Newton, what was left of him, cooking as a designed rusher." The implication? Maye has significant untapped rushing upside. Maye wasn't used on designed runs last season, but that could change with McDaniels back in New England, the revamped personnel around the QB and his willingness and capability as a runner. Advertisement Behrens echoes this point, noting Maye "averaged 7.8 yards per carry. He's great at it. This is definitely a player who, you know, if we're making it a recurring part of the offense, he could easily rush for 750 yards, 800 yards." Can Maye be like Cam Newton? By the time Newton got to New England, he wasn't the same player as he was earlier in his career, but he still had some huge games that season, finishing with 589 yards rushing and 12 scores on the ground. His fantasy production in 2020 was built on a rushing workload that included designed runs and short-yardage plunges. While it's not fair to saddle every rushing QB with the Newton comp, Maye isn't just a pocket passer — with the right scheme, he might approach the kinds of numbers Newton posted, at least on the ground. If McDaniels calls more designed QB runs, like he did with Newton, Maye's excellent tackle-breaking (he was second in yards after contact among QBs last season) could translate well. Situation and supporting cast Behrens points out New England is a work in progress, but likes the team's offseason moves: "It's hard not to like what they did for him." The team has a rebuilt offensive line and new weapons in Stefon Diggs (free agent), TreVeyon Williams (No. 38 overall pick in the NFL Draft) and Kyle Williams (No. 69). Both Harmon and Behrens agree Maye's rookie passing stats may not jump off the page, but the upside is that rare, golden ticket: a young QB who can run for 700+ yards and rack up 6–8 rushing TDs while he learns. Fantasy draft takeaways ADP Watch: Currently, Maye's ADP sits around QB18. Behrens and Harmon think that's not baking in Maye's true rushing potential, and training camp hype could push his draft price up if New England leans into a Cam Newton-esque playbook. He could project as a low-end QB1 or top-end QB2 with monster ceiling weeks. League Winner? Behrens says it best: 'If we could just get Drake Maye to like 3,500 passing yards and he's a proactive rusher now he's, now he's got top 10 appeal.' You're looking at a potential difference-maker you can snag outside the top 15 quarterbacks. Advertisement Bottom line Maye's dual-threat potential is exciting. He's not Newton yet — and he may never get that full rushing workload — but the skill set is there, and the new-look offense could deploy him like Newton's Patriots days. With a little summer buzz about designed runs (keep an eye out!) and positive reports from training camp, Maye could see an ADP surge and be 2025's surprise QB fantasy star.
Yahoo
30-04-2025
- Sport
- Yahoo
Behrens among those leaving Wolfsburg at end of season
Wolfsburg's Kevin Behrens is pictured during the German Bundesliga soccer match between VfB Stuttgart and VfL Wolfsburg at MHPArena. Harry Langer/dpa Former Germany international Kevin Behrens will leave Wolfsburg at the end of this season. The Bundesliga club announced on Wednesday that the 34-year-old striker's contract will not be renewed along with Bartosz Bialek, Bennit Bröger and Niklas Klinger. Advertisement Behrens joined Wolfsburg from Union Berlin in January 2024, just three months after making his debut for the German national team. However, he was unable to secure a regular starting spot. Last year, Behrens refused to sign a rainbow-coloured jersey at an internal Wolfsburg event. He justified his refusal with a controversial remark, later apologized for the incident, and was fined by the club.
Associated Press
25-04-2025
- Business
- Associated Press
The Myth of Nuclear Verdicts: Why Senate Bill 30 Is an Unnecessary Response to Judicial Self-Regulation in Texas
Benson Varghese shares insights into why SB30 benefits corporate interests rather than ordinary citizens FORT WORTH, TX, April 24, 2025 (EZ Newswire) -- Benson Varghese, founder and managing partner of Varghese Summersett, a Texas law firm that represents clients in significant wrongful death and injury cases, examines the proposed Senate Bill 30 (SB30) in Texas, which purports to address the issue of 'nuclear verdicts' in civil litigation. Through analysis of Texas Supreme Court precedents and empirical evidence from previous tort reform efforts, this paper argues that the existing judicial framework already provides sufficient safeguards against excessive verdicts, making legislative intervention unnecessary and potentially harmful to injured plaintiffs. The article concludes that SB30 primarily benefits corporate interests rather than ordinary citizens and recommends against its passage. Introduction In the current Texas legislative session, Senate Bill 30 (SB30) and its companion House Bill 4806 (HB4806) have been presented as necessary reforms to rein in 'nuclear verdicts' and reduce costs for Texas businesses and consumers. A nuclear verdict is generally defined as an award that exceeds $10 million, particularly when it includes substantial non-economic or punitive damages ( Behrens & Silverman, 2017 ). Proponents argue these bills are essential to protect Texas from excessive litigation costs, employing rhetoric similar to that used to justify medical malpractice reforms passed in 2003 ( Silver et al., 2008 ). However, such legislation is unnecessary given the Texas judiciary's demonstrated willingness and ability to address excessive verdicts through established legal principles and appellate review. Moreover, based on evidence from previous tort reform efforts, there is reason to doubt that SB30 could deliver its promised consumer benefits ( Black et al., 2005; Paik et al., 2012 ). The Texas Supreme Court's Effective Framework for Reviewing Verdicts While large verdicts may capture headlines, the empirical reality is that such verdicts rarely survive appellate review intact when they are deemed excessive or inadequately supported by evidence ( Hyman et al., 2007 ). The Texas Supreme Court has systematically developed a robust framework for reviewing damage awards that effectively addresses concerns about excessive verdicts without requiring legislative intervention. Well before the landmark Gregory v. Chohan decision, the Texas Supreme Court established clear precedents requiring that damages—both economic and noneconomic—must be grounded in evidence rather than speculation or arbitrary figures. In Saenz v. Fidelity & Guar. Ins. Underwriters, 925 S.W.2d 607 (Tex. 1996), the Court held that plaintiffs must present evidence not only of the existence of compensable mental anguish but also evidence to justify the amount awarded. This principle has been consistently reinforced in subsequent cases such as Bentley v. Bunton, 94 S.W.3d 561 (Tex. 2002) and Gunn v. McCoy, 554 S.W.3d 645 (Tex. 2018). The Texas Supreme Court further strengthened these principles in its landmark decision in Gregory v. Chohan, 670 S.W.3d 546 (Tex. 2023). The Court explicitly rejected the notion that damages awards should be upheld merely because they do not 'shock the conscience,' instead requiring a rational connection between the evidence presented and the amount awarded. The Court specifically condemned the use of 'unsubstantiated anchors,' such as comparing the value of human life to the price of fighter jets or famous paintings, and prohibited arguments encouraging juries to 'pick a number' without a logical basis tied to the facts of the case. As Justice Devine noted in his concurring opinion in Chohan, 'the jury system holds its own cure' for excessive verdicts through the existing appellate review process. This judicial framework provides a nuanced, case-by-case approach to evaluating damages that rigid statutory caps or formulas cannot match. The Unfulfilled Promises of Previous Tort Reform Proponents of SB30 claim it will reduce costs for Texas consumers, echoing arguments made for medical malpractice reforms enacted in 2003. However, empirical research demonstrates that those earlier reforms failed to deliver their promised benefits. A comprehensive study by Silver et al. (2008) found that despite significant reductions in medical malpractice claims and payouts after the 2003 reforms, healthcare costs in Texas continued to rise at rates equal to or higher than the national average. The researchers concluded there was 'no evidence that Texas spending levels or growth in spending declined relative to other states' following tort reform ( Silver et al., 2008, p. 1867). Similarly, Paik et al. (2012) found that Texas's healthcare spending actually increased faster than the national average in the years following tort reform. Their research showed Medicare spending in Texas rose 1-2% faster than in comparable states without similar reforms, directly contradicting claims that limiting litigation would lower healthcare costs. Black et al. (2005) found that while medical malpractice insurers benefited substantially from the 2003 reforms through reduced claims and payouts, these savings were not passed on to consumers through lower healthcare costs or insurance premiums. This history of unfulfilled promises provides substantial reason to be skeptical of similar claims being made about SB30. How SB30 Would Restrict Access to Justice SB30 would create several significant barriers to justice for injured Texans that go well beyond addressing truly excessive verdicts. Restricting Evidence of Medical Expenses The bill would severely limit what evidence can be presented regarding medical expenses. Currently, injured plaintiffs can present evidence of the full amount billed for their medical care. Under SB30, they would be limited to presenting evidence of the amount actually paid (often reduced rates negotiated by insurance companies) or amounts capped at 300% of Medicare rates—which are typically far below market rates for many services ( Hyman & Silver, 2006 ). This change fails to account for the reality that many Texans receive care under 'letters of protection,' where medical providers agree to treat patients and wait for payment until their case resolves—arrangements particularly important for Texas's large uninsured population ( Hyman et al., 2015 ). Intrusive Disclosure Requirements SB30 would require plaintiffs to disclose detailed information about medical treatment and referrals, including whether their attorney referred them to a healthcare provider. These provisions raise significant privacy concerns and could create barriers to obtaining necessary medical care after an injury ( Baker, 2005 ). Narrowing Definitions of Compensable Harm The bill introduces restrictive definitions of 'mental or emotional pain or anguish' and 'physical pain and suffering,' setting high thresholds that would make it more difficult for injured plaintiffs to receive compensation for genuine harms. For example, the definition requires that mental anguish be 'debilitating' and cause 'substantial disruption in a person's daily routine"—a standard significantly more stringent than current Texas law ( Finley, 2004 ). The Myth of the Nuclear Verdict Crisis While proponents of SB30 point to high-profile, large verdicts as evidence of a crisis requiring legislative intervention, empirical research demonstrates that such verdicts are statistical outliers that rarely survive appellate review ( Vidmar & Wolfe, 2009 ). According to data from the Bureau of Justice Statistics, the median awards in personal injury trials have remained relatively stable over time when adjusted for inflation, and only a tiny fraction of cases result in what might be termed 'nuclear verdicts' ( Cohen & Smith, 2004 ). Moreover, as demonstrated in the previous section, the Texas Supreme Court has already established effective mechanisms for reviewing and, when appropriate, reducing excessive verdicts. The focus on these exceptional cases diverts attention from the thousands of legitimate claims that would be harmed by the proposed changes. For every headline-grabbing verdict, numerous injured Texans struggle to obtain even modest compensation for genuine harms caused by corporate negligence (Baker, 2005). Who Benefits from SB30? The evidence from previous tort reform efforts suggests that SB30 would primarily benefit corporate defendants and their insurers, not ordinary Texas consumers (Black et al., 2005). By making it more difficult for injured plaintiffs to recover fair compensation, SB30 would effectively shift costs from negligent corporations to injured individuals and, ultimately, to taxpayers through increased reliance on public assistance programs (Finley, 2004). The 2003 medical malpractice reforms provide a cautionary tale. While those reforms succeeded in dramatically reducing medical malpractice claims and payouts to injured patients, the promised benefits to consumers in the form of lower healthcare costs and insurance premiums never materialized (Silver et al., 2008). Instead, the primary beneficiaries were insurance companies, which saw substantial increases in profitability without passing those savings on to consumers (Black et al., 2005). Conclusion The Texas civil justice system already possesses robust mechanisms for addressing excessive verdicts through the appellate review process. The Texas Supreme Court has consistently demonstrated its willingness and ability to reduce or reverse verdicts that are not supported by evidence or that are deemed excessive. SB30 represents an unnecessary and potentially harmful legislative intervention that would primarily benefit corporate defendants and their insurers at the expense of injured Texans seeking fair compensation. Rather than protecting consumers, the bill would shield negligent actors from accountability and shift costs to individuals and taxpayers. Based on the evidence from previous tort reform efforts and the Texas Supreme Court's established framework for reviewing damages awards, this article concludes that SB30 is an unnecessary solution to a largely fictional problem. As Justice Devine aptly noted in Chohan, 'the jury system holds its own cure' for truly excessive verdicts. Rather than enacting SB30, Texas lawmakers should trust in the judiciary's demonstrated ability to address excessive verdicts through existing legal principles and appellate review. Benson Varghese is the founder and managing partner of Varghese Summersett, a Texas law firm that represents clients in significant wrongful death and injury cases. He is also the creator of Lawft, a law practice management platform built for growth, and the author of Tapped In, a soon-to-be-released book on law firm growth. He can be reached at[email protected]. References About Varghese Summersett Varghese Summersett is a premier personal injury, criminal defense, and family law practice dedicated to helping people through life's greatest challenges. The firm's roster is comprised of experienced, award-winning attorneys committed to providing exceptional legal services. Varghese Summersett has been named a fastest-growing law firm by Inc. 5000. It has also been named a 'Best Law Firm,' a 'DFW Favorite,' a 'Best Place to Work' and a 'Best Places for Working Parents,' among numerous other accolades. The firm has locations in Fort Worth, Dallas, Southlake, and Houston, allowing clients throughout Texas to access top-tier legal representation. For more information, visit Media Contact Melody Lanier [email protected] ### SOURCE: Varghese Summersett Copyright 2025 EZ Newswire
