Investor JAB Merges Peet's Coffee, Douwe Egberts Ahead Of Listing
The German investor that owns Peet's Coffee and Jacobs Douwe Egberts said on Tuesday it would merge the two into a single coffee and tea company which it would seek to list on the stock market in an initial public share offering (IPO).
JAB Holding said in a statement the newly-formed company JDE Peet's, which also owns the Pickwick, Senseo, Tassimo and L'OR brands, will have operations in 140 countries and combined annual revenue of €7 billion.
JAB did not say how large a stake it would sell, where it would list the company, nor what valuation it was seeking. It did however say that it intended to remain the controlling shareholder of JDE Peet's after the IPO.
The Financial Times reported earlier on Tuesday that the company plans to float a stake worth around €3 billion on Amsterdam's Euronext.
Casey Keller, the CEO of Peet's, will become CEO of JDE Peet's while JDE CEO Frederic Larmusea will remain as an advisor.
JAB bought Peet's in 2012 for $977.6 million (€876.7 million), and then bought Douwe Egberts for $9.8 billion (€8.8 billion) in 2013.
In 2014 it merged Douwe Egberts with the coffee businesses of Mondelēz International to create JDE. Mondelēz holds a 26% sake in JDE.