Caribou Coffee Goes Private

A private-equity firm that already holds a majority stake in Peet’s Coffee & Tea has acquired Caribou Coffee Co., the nation’s second-largest company-owned coffeehouse chain.

The Joh. A. Benckiser Group (JAB) announced a definitive merger agreement under which an affiliate of JAB will acquire Caribou for approximately $340 million. Caribou will remain based in Minneapolis and continue to operate as an independent company with its own brand, management team and growth strategy.

JAB emphasized that it foresees few changes at Caribou. The Ludwigshafen, Germany-based company says it is committed to investing in Caribou as a standalone business.

Based on unit count, including 610 coffeehouses in 22 states and 10 international markets, Caribou trails only Starbucks as a global coffee presence. Its store count includes 202 franchised locations.