PEET’S Coffee & Tea said yesterday it has struck a deal to be acquired for about $1bn (£644m) by Joh. A. Benckiser, the investment vehicle for Germany’s Reimann family.
The sale will give Peet’s a financial jolt as it competes against larger coffee and tea shops and will broaden the reach of the Reimann coffee business.
Peet’s, which was founded in 1966, is listed on the Nasdaq index in the United States but will be taken private if the deal succeeds. It will continue to be run by its current management team.
City A.M. Reporter