A German conglomerate known for its beauty and luxury holdings has purchased Peet’s Coffee & Tea for $73.50 per share — or approximately $1 billion — in cash.
At the close of the transaction, Peet’s will be privately owned by Joh. A. Benckiser and will continue to be operated by the company’s current management team and employees. Peet’s Coffee & Tea, founded in Berkeley, Calif. in 1966 by Alfred Peet, will remain based in the San Francisco Bay Area, with its home office in Emeryville.
“We are very excited about this next chapter in Peet’s rich history,” Patrick O’Dea, President and CEO of Peet’s, said in a press release. “Over many years we’ve demonstrated an unyielding commitment to craft coffees and teas of uncompromised quality. This commitment is what has distinguished the Peet’s brand among all others and will continue to guide us as we go forward.”
Joh. A. Benckiser owns numerous companies in the fashion industries, including Labelux, a luxury goods company with brands such as Jimmy Choo and Bally.
Peet’s currently operates some 200 coffee shops in North America.