Jul 29, 2014
Partly Cloudy

Peet's Coffee and Tea Sold for $1 Billion

The company will remain based in the East Bay and management is not expected to change. The roast-to-order facility in Alameda will not be affected, according to Peet's.

Peet's Coffee and Tea Sold for $1 Billion

During its growth from a strorefront in Berkeley's Gourmet Ghetto into a major player in the retail coffee business, Peet’s Coffee and Tea has had a varied and complex corporate history. Now a new chapter begins for the company started by Alfred Peet in 1966. On Monday, the publicly traded Emeryville-based company announced that a German company was buying it for nearly $1 billion.

Joh. A Benckiser is paying $79.50 a share for Peet’s, which is a premium of 29 percent over the closing stock price on Friday, according to Reuters.

"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."

The will not be affected, according to a Peet's press release.

Longtime Peet’s fans, what do you think of Peet's becoming a private company once again, as it was in the 1980s under Starbucks? Have you noticed a change in service or experience in recent years as Peet's woos the corporate market? Take the poll and share your thoughts in the comments.

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