Joh. A Benckiser completes $1 billion Peet’s acquisition

Peet’s Coffee & Tea and Joh. A. Benckiser (JAB) announced on 29 October the successful completion of the acquisition of Peet’s by JAB for US$73.50 per share in cash, or a total of approximately $1 billion. The price matches the offer first announced on 23 July, which represented a premium of approximately 29 per cent over Peet's closing stock price on 20 July 2012. The initial offer was unanimously approved then by Peet's Board of Directors. The transaction was approved by Peet’s shareholders at a special meeting held on 26 October, the companies announced in a joint statement. As a result of the completion of the merger, Peet’s common stock will cease trading on The NASDAQ Stock Market before the opening of the market on 30 October 2012. In addition to JAB, BDT Capital Partners, LLC, a Chicago-based merchant bank that provides long-term private capital solutions to closely held companies, is a minority investor in this transaction. Peet's is a premier specialty coffee and tea company in the United States, having been founded in 1966 in Berkeley, California. by Alfred Peet.  JAB is a privately held group focused on long term investments in premium brands in the broader consumer goods category. The group’s portfolio includes a majority stake in Coty Inc., a global leader in beauty, a minority stake in Reckitt Benckiser Group PLC, a global leader in health, hygiene and home products, and a minority investment in D.E Master Blenders 1753. The group also owns Labelux, a luxury goods company with brands such as Jimmy Choo, Bally and Belstaff.  Based in Chicago, BDT Capital Partners is a merchant bank with a $3 billion investment fund, as well as an investor base with the ability to co-invest significant additional capital.