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Issue Date: Vol. 52, No. 8, August 2012, Posted On: 7/23/2012

Germany's Benckiser Acquires Peet's For $1B In Cash, Retains Management

Tim Sanford
TAGS: coffee, coffee market, office coffee service, specialty coffee, Peet's Coffee & Tea Inc., Joh. A. Benckiser, Peet's acquisition, BDT Capital Partners, DE Master Blenders 1753, Douwe Egberts

EMERYVILLE, CA -- Peet's Coffee & Tea Inc. and Joh. A. Benckiser (Ludwigshafen, Germany) have announced an agreement under which JAB will acquire Peet's for $73.50 per share in cash, about $1 billion in total. Peet's board of directors has unanimously approved the accord.

In addition to JAB, Chicago's BDT Capital is participating in the transaction as an advisor and minority investor. The transaction is structured as a one-step merger, with Peet's as the surviving corporation. It is not subject to a financing condition and is expected to close in approximately three months, subject to customary closing conditions, including regulatory and shareholder approvals.

At the close of the transaction, Peet's will be privately owned and will continue to be operated by the company's present management team and employees. The company will keep its headquarters in Emeryville and its roasting plant in Alameda, both in the San Francisco Bay area.

Peet's Coffee & Tea was founded in 1966 in Berkeley, CA, by Alfred Peet, an early tea authority who pioneered specialty coffee in the U.S.

Joh. A. Benckiser, the investment vehicle for the Reimann family of Germany, is a privately held group focused on long-term investments in premium consumer-goods brands. Its portfolio includes a majority stake in beauty products manufacturer Coty Inc. (New York City and Paris) and a minority investment in DE Master Blenders 1753 (Utrecht, The Netherlands), formerly the Douwe Egberts unit of Sara Lee.

BDT Capital Partners is a merchant bank structured to provide advice and capital addressing the needs of closely held businesses.

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