SEATTLE -- Starbucks Coffee Co. has acquired premium juice company Evolution Fresh Inc. for $30 million in cash.
The coffeehouse giant said it plans to launch a new chain of juice bars in mid-2012, beginning on the West Coast. It will also begin selling Evolution Juice products in its coffeehouse locations, beginning on the West Coast, where the juice brand is known. The juice products are currently sold in stores like Whole Foods, Trader Joe's and Costco.
Earlier this year, Starbucks removed the word "coffee" from its logo, indicating that company would move into new categories.
"This is the first of many things we're going to do around health and wellness," said Starbucks chief executive Howard Schultz. "We're not only acquiring a juice company, but we're using this acquisition to build a broad-based, multimillion-dollar health and wellness business, over time."