EMERYVILLE, Calif. & SAN RAFAEL, Calif. — Big mergers and acquisitions continue to pile up in the tea sector in 2014. On Friday the big news was that Peet’s Coffee & Tea had acquired long-time tea purveyor Might Leaf.
“We’re excited to add Mighty Leaf Tea to the Peet’s family as we’re both Bay Area companies with core values built on the highest standards of quality and deep commitment to craft,” said Peet’s Coffee & Tea president and CEO Dave Burwick in a press release.
According to press releases, Mighty Leaf will continue to operate independently while Peet’s will continue to sell tea under its own label. Private investor Next World Group will be a minority partner.
Peet’s has been taking substantial steps toward increasing their presence nationally. In April the company announced a plan to open 23 stores in the Washington DC area by year’s end as well as 20 new stores in Chicago. In 2013, 29 new stores were opened in Ohio, Michigan and Pennsylvania. The massive expansion plan will result in a portfolio of 300 Peet’s stores by the end of 2014.
Mighty Leaf was founded in 1996 and is known for its specialty tea blends in mesh pouches. Peet’s was founded in Berkeley in 1966.
Source: Peet’s Coffee and Tea
According to press releases, Mighty Leaf will continue to operate independently while Peet’s will continue to sell tea under its own label. Private investor Next World Group will be a minority partner.
Peet’s has been taking substantial steps toward increasing their presence nationally. In April the company announced a plan to open 23 stores in the Washington DC area by year’s end as well as 20 new stores in Chicago. In 2013, 29 new stores were opened in Ohio, Michigan and Pennsylvania. The massive expansion plan will result in a portfolio of 300 Peet’s stores by the end of 2014.
Mighty Leaf was founded in 1996 and is known for its specialty tea blends in mesh pouches. Peet’s was founded in Berkeley in 1966.
Source: Peet’s Coffee and Tea