Caribou Coffee Acquired by Peet’s Owner JAB

Caribou Coffee is being acquired by the German investment firm Joh. A. Benckiser Group (JAB) for approximately $340 million, representing a 30 percent premium over Caribou’s closing stock price on Friday, Dec. 14.

JAB, which traditionally has had holdings in the health and beauty sector, also acquired Peet’s Coffee & Tea earlier this year in a $1 billion deal. Under the agreement with Caribou, the Minneapolis-based coffee company will continue to run independently with its own brand. The companies also say that Caribou will continue to operate with its own management team.

“Caribou has a fantastic brand and unique culture, and fits perfectly with JAB’s investment philosophy of investing in premium and unique brands in attractive growth categories like coffee,” said Bart Becht, Chairman of Joh. A. Benckiser Group. “JAB is committed to investing in Caribou as a standalone business out of Minneapolis to ensure the Company continues its current highly successful track record.”

With 610 coffee houses in 22 states, the District of Columbia and ten international markets, Caribou is currently the second largest company-run coffee retailer in the United States, behind Starbucks.