SAN FRANCISCO, July 23 (UPI) -- German conglomerate Joh. A. Benckiser is buying specialty coffee supplier Peet's Coffee & Tea Inc., for about $1 billion, the companies announced Monday.
Benckiser has agreed to buy the coffee and tea purveyor, which opened in Berkeley, Calif., in 1966, for $73.50 per share in cash, the companies said. The price is a 29 percent premium over Pete's closing price on Friday.
Peet's will be privately owned and will continue to be run by its current management team, the companies said.
Peet's President and Chief Executive Officer Patrick O'Dea said the firm would remain dedicated to "uncompromised quality."
"This commitment is what has distinguished the Peet's brand among all others and will continue to guide us going forward," he said.
The firms said Chicago merchant bank BDT Capital was advising the deal and was also participating as a minority investor.
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