Consumer goods company Unilever has announced that it completed its acquisition of tea brand Tazo.
The $384 million deal was announced last month, with Unilever set to purchase the business from coffee giant Starbucks.
Tazo, which recorded sales of $112.5 million over the past year, markets speciality black, green and herbal teas in a range of formats. It is sold primarily in the grocery segment in the US and Canada.
Unilever said that the tea brand would be a 'perfect fit' for its US portfolio, given its strong appeal to millennials, and its solid position in a fast-growing segment.
Unilever has made a number of acquisitions in its food unit this year, including the takeover of organic tea company Pukka Herbs in September.
“Tazo represents another strategic addition which strengthens our tea portfolio towards high growth segments," said Kevin Havelock, president of refreshment at Unilever.
"Its artfully crafted specialty teas perfectly complement our global tea business, which includes Lipton, Pure Leaf, PG Tips, T2 and our recent addition, Pukka.”
The group is continuing to expand its portfolio, and so far this year, nine acquisitions have been announced.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.