JAB Holdings has announced that its brands Jacobs Douwe Egberts (JDE) and Peet’s Coffee will combine and explore an initial public offering (IPO).
JDE Peet’s will be anchored by Peet’s Coffee in the United States as well as several leading global brands, including L’OR, Jacobs Coffee, Douwe Egberts, Senseo, Tassimo, Moccona, Kenco, Pickwick, and Pilão.
The JDE Peet’s brand portfolio will offer consumers a broad range of products, which include traditional roast and ground coffees, soluble coffee, on-demand systems with proprietary platforms Senseo and Tassimo, and products compatible with other coffee systems.
JDE Peet’s will be present in more than 140 countries and have revenues of approximately €7 billion (about US$7.8 billion), benefiting from the high growth of the coffee category in developing and developed markets.
JAB Holdings says the exploration of an IPO is a key milestone in the partnership between Acorn Holdings, which includes controlling shareholder JAB and BDT Capital, and Mondelez International. As part of preparing for the IPO, Peet’s Coffee Chief Executive Officer Casey Keller will become CEO of JDE Peet’s, effective January 2020.
“JDE Peet’s is an exceptional business with some of the most beloved coffee brands in the world, and I am excited to lead the company in its next phase of growth,” Keller says.
“With our leading positions in many important markets, supported by all the great people in our organisation, we are well-positioned to continue achieving strong long-term growth”.
Keller has been the CEO of Peet’s Coffee since 2018, after 25 years of leadership roles in the global food and beverage industry including at P&G, Heinz, Mars Wrigley, and Alberto Culver.
“We are excited that Casey will assume the role as CEO of JDE Peet’s as we continue further building upon the company’s strong track record of growth and expansion,” says Olivier Goudet, Chairman of JDE and Peet’s Coffee.
“We are proud of what we have accomplished at JDE and Peet’s but believe with our IPO the best years of growth and shareholder value creation are ahead of us with our newly combined company. I want to thank Frederic for his stewardship in driving JDE’s growth and development.”
Frederic Larmuseau, who has decided to step down from his role as CEO of JDE, will remain at JDE as a special advisor to the Board and the CEO.
Depending on market conditions, the IPO is expected to be completed sometime during 2020, after which JAB expects to remain the controlling shareholder.