Peet's Coffee Sold to Private Equity Firm

[BeBop]

First off, I've nothing against private equity, per se.

I'm a 40-plus year Peet's guy (having received my first retail cup of coffee from Alfred Peet himself). So, when they went public, I bought a few shares, and was proud to be a (tiny, tiny) owner. I'm a bit sad to lose a Bay Area company that meant a lot to "The Locals". But business happens.

Peet's Coffee & Tea, Inc. to Be Acquired by Joh. A. Benckiser for $73.50 Per Share in Cash

Peet's to Become Private in a Transaction Valued at $1 Billion

EMERYVILLE, Calif. --(BUSINESS WIRE)-- Peet's Coffee & Tea, Inc. (NASDAQ: PEET) and Joh. A. Benckiser ("JAB") today announced that they have entered into a definitive agreement under which JAB will acquire Peet's for $73.50 per share in cash, or a total of approximately $1 billion . The agreement, which has been unanimously approved by the Peet's Board of Directors, represents a premium of approximately 29% over Peet's closing stock price on July 20, 2012 .

At the close of the transaction, Peet's will be privately owned and will continue to be operated by the company's current management team and employees. Peet's Coffee & Tea, founded in Berkeley, CA in 1966 by Alfred Peet , will remain based in the San Francisco Bay Area , with its home office in Emeryville and its LEED® (Leadership in Energy and Environmental Design) Gold Certified roast-to-order facility in Alameda.

"We are very excited about this next chapter in Peet's rich history," said Patrick O'Dea, President and CEO of Peet's. "Over many years we've demonstrated an unyielding commitment to craft coffees and teas of uncompromised quality. This commitment is what has distinguished the Peet's brand among all others and will continue to guide us as we go forward."

[Pete C]

ING Direct has a cafe in my work neighborhood that's pretty much a loss leader for new business evangelism. They use Peet's (only place I know of in NYC that does), and they get $1.50 for a hot or iced coffee, and I think the hot is the size of a Starbucks grande.

[BeBop]

I love the ING on Manhattan (58th and 3rd, give or take?). Hard to get a brewed cup of Peet's outside California, Boston, Chicago (Evanston) and a few other company-owned spots. I've been to the INGs in Los Angeles, Honolulu, outside Minneapolis and Philadelphia, but they don't all have Peet's.

[Tim McG]

First off, I've nothing against private equity, per se.

I'm a 40-plus year Peet's guy (having received my first retail cup of coffee from Alfred Peet himself). So, when they went public, I bought a few shares, and was proud to be a (tiny, tiny) owner. I'm a bit sad to lose a Bay Area company that meant a lot to "The Locals". But business happens.

Peet's Coffee & Tea, Inc. to Be Acquired by Joh. A. Benckiser for $73.50 Per Share in Cash

Peet's to Become Private in a Transaction Valued at $1 Billion

EMERYVILLE, Calif. --(BUSINESS WIRE)-- Peet's Coffee & Tea, Inc. (NASDAQ: PEET) and Joh. A. Benckiser ("JAB") today announced that they have entered into a definitive agreement under which JAB will acquire Peet's for $73.50 per share in cash, or a total of approximately $1 billion . The agreement, which has been unanimously approved by the Peet's Board of Directors, represents a premium of approximately 29% over Peet's closing stock price on July 20, 2012 .

At the close of the transaction, Peet's will be privately owned and will continue to be operated by the company's current management team and employees. Peet's Coffee & Tea, founded in Berkeley, CA in 1966 by Alfred Peet , will remain based in the San Francisco Bay Area , with its home office in Emeryville and its LEED® (Leadership in Energy and Environmental Design) Gold Certified roast-to-order facility in Alameda.

"We are very excited about this next chapter in Peet's rich history," said Patrick O'Dea, President and CEO of Peet's. "Over many years we've demonstrated an unyielding commitment to craft coffees and teas of uncompromised quality. This commitment is what has distinguished the Peet's brand among all others and will continue to guide us as we go forward."

I felt the same way when Spano's [sic] in the Noe Valley District of SF was bought out by Seattle's Best.

[BeBop]

...And Seattle's Best got bought by S****ucks.

[Tim McG]

Corporate takeover at it's greed inspired best.

[Pete C]

I love the ING on Manhattan (58th and 3rd, give or take?).

Exactly, southwest corner of 58th & 3rd.

...And Seattle's Best got bought by S****ucks.

As was Coffee Connection in Boston, which had much better coffee (Au Bon Pain used to use their beans before the sale to Starbucks).