Peet’s Acquisition Gives A Jolt To Coffee Market

Peet’s Coffee & Tea is turning over a new leaf. The chain announced on July 23 that it has entered into a definitive agreement to be acquired by European holding company Joh. A. Benckiser. The transaction is valued at about $1 billion.

The deal will put Peet’s in private hands. It was unanimously approved by its board of directors of the Emeryville, Calif.-based company, which emphasized that Peet’s will continue to be operated by its current management team and employees.

Peet’s Coffee & Tea was founded in 1966 and operates 197 locations in the United States.