Joh. A. Benckiser seems to be quite the coffee aficionado.
Benckiser agreed on Monday to buy the Caribou Coffee Company for about $340 million, in its second acquisition of a coffee shop operator this year. Only five months ago, the German conglomerate announced that it would acquire Peet's Coffee & Tea, one of America's oldest specialty coffee sellers, for about $974 million.
Under the terms of Monday's deal, Benckiser will pay $16 a share, which represents a roughly 30 percent premium to Caribou's closing price on Friday.
Over the last year, Benckiser - a holding company for the wealthy Reimann family of Germany - has shown a growi ng hunger for well-known brands. It already owns the likes of Coty, the cosmetics maker; Jimmy Choo, the crafter of sleek women's shoes; and Reckitt Benckiser, the household products giant.
This spring, Benckiser backed Coty in its ill-fated effort to buy Avon Products for $10.7 billion.
“Caribou has a fantastic brand and unique culture, and fits perfectly with JAB's investment philosophy of investing in premium and unique brands in attractive growth categories like coffee,†Bart Becht, Benckiser's chairman, said in a statement. “JAB is committed to investing in Caribou as a standalone business out of Minneapolis to ensure the company continues its current highly successful track record.â€
Caribou will continue to be run by its existing management team and will remain based in Minneapolis.
As it did on the Peet's deal, BDT Capital Partners, the merchant bank run by a former Goldman Sachs rain maker, Byron D. Trott, advised Benckiser and will make a minority investment as well. The German company was also advised by Morgan Stanley and the law firm Skadden, Arps, Slate, Meagher & Flom.
Caribou was advised by Moelis & Company and the law firm Briggs and Morgan.
