|Peet's Acquired for $1B|
Published: Friday, 27 July 2012 05:02
A private investment group is acquiring local coffee roaster Peet's Coffee & Tea in an estimated billion- dollar deal. The public coffee company will become private but will remain headquartered in the Bay Area, with its roasting-to-order facility staying in Alameda.
The company announced early Monday morning that Johannes A. Benckiser, a private, German investment group, would acquire Peet's for $73.50 per share in cash, 29 percent higher than Peet's closing share price Friday, according to a company release. The deal was unanimously OK'd by Peet's board of directors.
The company's current management team and employees will remain in place, the release said, and it will continue to be headquartered in Emeryville. BDT Capital, a Chicago-based merchant bank, will participate in the transaction as a minority investor and advisor.
Benckiser owns Labelux, a luxury goods company whose labels include Jimmy Choo and Bally, and also holds a majority stake in Coty, Inc., the beauty company.
Peet's was founded in 1966 in Berkeley by Alfred Peet, who is credited with bringing custom coffee roasting to America and with training the founders of the Starbucks coffee chain. He sold Peet's in 1979.
The company has 196 stores in 2011 and sells its products in grocery and other retail outlets. It earned $372 million in net revenues in 2011, a recent presentation showed.
Read more at www.thealamedan.org.