Diving overview:
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JDE Peet’s has signed a license agreement to manufacture, market and sell Caribou’s consumer and food service coffee products. Both companies said in a statement:. $260 million deal, Except for Caribou Coffee House. It is scheduled to close in the first quarter of this year.
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As part of the transaction, JDE Peet’s will acquire Caribou’s roasting operations and office coffee and food service contracts in Minneapolis, Minnesota.Caribou is part of that Panera Brands, which also owns Einstein Bros. Bagels and Panera Bread.
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This contract provides: JDE Peet’s has a platform to expand its premium coffee portfolio in North America, allowing Caribou to focus on its retail coffee house business, which has 800 stores in 11 countries. Caribou coffee is sold at retailers such as Walmart, Target, and Kroger.
Dive Insight:
As consumers gravitate toward premium coffee, this deal allows them to: JDE Peet’s adds another well-known brand to its portfolio. This partnership will allow each company to focus on what they do best, while providing a platform to deliver a variety of outcomes. Bringing Caribou branded coffee products to new consumers. In addition to the beer that bears its name,, JDE Peets We sell other brands such as Stumptown and Intelligentsia.
“Caribou is an iconic brand with excellent facilities, and we are complementing its strong brand equity with JDE Peet’s distribution and innovation capabilities, strengthening our presence and strengthening our presence in the world’s largest coffee market. We look forward to serving more coffee lovers,” said JDE CEO Fabian Simon. Peets said in a statement.
Coffee consumption has reached its highest level in 20 years, According to data released by the National Coffee Association in 2022.. Americans consume nearly 500 million drinks every day, making it the most popular drink after water, tea, and juice. It is also gaining popularity among the younger generation. The NCA reports that 51% of young people aged 18 to 24 drink coffee, an increase of 11% since July 2021.
