USA – JDE Peet’s has announced the acquisition of Caribou Coffee’s roasting operations in Minneapolis amid efforts to strengthen its position in the North American coffee market.
The transaction, valued at approximately US$260 million, includes a global license agreement that allows JDE Peet’s to manufacture and market Caribou consumer and foodservice coffee products.
Under the licensing agreement, JDE Peet’s will become the supplier of coffee products for sale in Caribou’s extensive network of over 800 coffeehouses across 11 countries. Additionally, the Amsterdam-listed company will develop and market products to be sold at retail under the iconic Caribou Coffee brand.
Fabien Simon, CEO of JDE Peet’s, expressed enthusiasm about the partnership, stating, “We are delighted with this partnership, which adds Caribou to our existing portfolio of premium brands, including Peet’s, Stumptown, Intelligentsia, and L’OR, to serve more coffee lovers in North America.”
The acquisition aligns with JDE Peet’s strategic goal to expand its premium coffee portfolio in North America.
Simon highlighted the iconic status of Caribou as a brand with outstanding facilities, emphasizing that the deal will leverage JDE Peet’s distribution and innovation capabilities to strengthen their presence in the largest coffee market globally.
Caribou Coffee, part of Panera Brands, sees this transaction as an opportunity to focus on developing its restaurant business.
John Butcher, President and CEO of Caribou Coffee said, “This transaction validates the success of multiple business platforms our team has built over the last several years, and JDE Peet’s has the right resources, expertise, and team to continue its growth trajectory.”
The deal is expected to close in the first quarter of this year, pending regulatory approvals. Caribou Coffee, with 333 company-owned, 140 non-traditional, and 338 franchise locations in 11 countries as of December 26, 2023, will remain part of Panera Brands.
JDE Peet’s, known for its disciplined approach to geographical expansion and diversification, had previously acquired the coffee and tea business of Brazil’s JAV Group last year.
Simon stated, “Over the last three years [since going public], we have been focused on transforming JDE Peet’s into a fast-growing, correctly invested, and more sustainable company.”
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