JDE Peet’s signs a licence after purchasing the Caribou roasting business.
AMSTERDAM — JDE Peet’s has signed into a global licence agreement with Caribou Coffee to manufacture and market Caribou consumer and restaurant coffee products. Caribou Coffee is selling its roasting assets in Minneapolis to JDE Peet’s. Caribou Coffee estimates that the deal is worth about $260 million.
As per the terms of the licence, JDE Peet’s will create goods to be marketed at retail under the Caribou Coffee brand and supply coffee products for Caribou’s coffee shops. Over 800 coffee shops in 11 countries are owned by Caribou Coffee.
The chief executive officer of JDE Peet’s, Fabien Simon, stated, “We are delighted with this partnership, which adds Caribou to our existing portfolio of premium brands which we distribute, including Peet’s, Stumptown, Intelligentsia, and L’OR, to serve more coffee lovers in North America.” “JDE Peet’s distribution and innovation capabilities will enhance the strong brand equity of Caribou, an iconic brand with exceptional facilities, enabling us to expand our reach and cater to a growing number of coffee enthusiasts in the world’s largest coffee market.”
According to the corporation, the acquisition will free up Caribou Coffee to concentrate on growing its restaurant business.
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“JDE Peet’s has the necessary resources and expertise, and this transaction validates the success of multiple business platforms our team has built over the last several years.” and staff to maintain its current development trajectory,” stated Caribou Coffee President and CEO John Butcher.