Peet's Coffee & Tea, the US-based chain, has announced that it has agreed to be acquired by German company Joh. A. Benckiser in a deal which values it at $974m.
Joh. A. Benckiser, which invests in consumer goods brands, will pay $73.50 per share, a 29% premium to Peet's closing stock price of $57.16 on Friday
The deal will allow the c200-strong Peet’s to expand and compete with rivals, such as Starbucks, which is also thought to have shown an interest in the group.
Bensckiser also owns Labelux, a luxury goods company with brands such as Jimmy Choo, Bally and Belstaff. BDT Capital, a Chicago merchant bank, is a minority investor and adviser in the buyout.
The transaction is expected to complete in a year’s time.
