Peet’s Coffee & Tea to be Acquired for $1 Billion

Peet’s Coffee & Tea, which operates a large roast-to-order facility in Alameda, on Bay Farm Island, announced yesterday that it will be acquired for roughly $1 billion by Joh. A. Benckiser, a private equity group based in Germany.

The agreement has been approved by Peet’s Board of Directors, and the $73.50 per share cash offer represents a 29 percent premium above Peet’s closing share price on July 20th.

BDT Capital, of Chicago, a merchant bank, is participating in the transaction as an advisor and minority investor.

The deal is expected to close in three months, subject to shareholder and regulatory approvals.