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Peet's Coffee & Tea, Inc. acquired by Joh. A. Benckiser in $1 billion transaction |
07.27.2012
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Specialty coffee chain Peet's Coffee & Tea, Inc. and Joh. A. Benckiser (JAB) on Tuesday announced an agreement under which JAB will acquire Peet's for $73.50 per share in cash, or a total of approximately $1 billion. The agreement represents a premium of approximately 29 percent over Peet's closing stock price on July 20, 2012.
At the close of the transaction, Peet's will be privately owned and will continue to be run by the company's current management team and employees. Founded in Berkeley, CA in 1966 by Alfred Peet, the company will remain based in the San Francisco Bay Area.
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Chicago-based merchant bank BDT Capital is participating as an advisor and minority investor. The transaction is not subject to a financing condition and is expected to close in approximately three months.
The brand's new owner, Joh. A. Benckiser, is a privately held group focused on long term investments in premium brands, including beauty firm Coty Inc., home products company Reckitt Benckiser Group PLC and D.E Master Blenders 1753. The group also owns Labelux, a luxury goods company with brands such as Jimmy Choo, Bally and Belstaff.
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