Caribou Coffee Enters Long-Term Strategic CPG License Agreement with JDE Peet'sCoffeeNetwork (New York) - Caribou Coffee, a global premium coffeehouse, today announced an agreement to license its brand in the consumer packaged goods and foodservice channels to JDE Peet's in a transaction valued at $260M. The transaction also includes the transfer of Caribou Coffee's roasting operations in Minnesota and its office coffee and foodservice contracts. The mutually beneficial transaction enables Caribou Coffee to focus on its core popular retail coffeehouse business while providing JDE Peet's a strong platform to expand its premium coffee portfolio in North America. The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions.
Under the licensing agreement, JDE Peet's will manufacture, market and sell Caribou Coffee's consumer packaged goods and foodservice coffee products outside of its coffeehouses. JDE Peet's will assume responsibility for supplying Caribou Coffee's specialty grade coffee sold in its retail locations, made to its exacting standards, and the two companies will jointly collaborate to ensure that Caribou Coffee's branded coffee products reach new consumers across channels.
With over 800 coffeehouses in 11 countries, Caribou Coffee has made significant progress in its retail expansion plan through company-owned development as well as its previously announced franchise program that should double domestic coffeehouses in the coming years. Through an expanded development agreement with current franchisees, Caribou Coffee also expects similar development internationally. These agreements reflect the growing demand for Caribou Coffee's signature coffeeshop experience, and Caribou Coffee intends to continue to work with its experienced franchise operators, as well as welcome new franchisee groups in expanded development areas, to reach new guests around the globe.
Over the coming months, senior leaders from JDE Peet's and Caribou Coffee will work together to ensure a smooth transition of Caribou Coffee's commercial coffee business and roastery assets. This transaction is not expected to lead to any material coffeehouse closures or position eliminations.
Alexis Rubinstein
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