Minneapolis, MN – Caribou Coffee has announced a $260 million licensing agreement with JDE Peet’s, a pivotal move in the coffee industry. This partnership involves JDE Peet’s assuming control of Caribou Coffee’s U.S. roasting operations and handling its office coffee and food service contracts.
This deal aligns with Caribou Coffee’s strategy to expand its retail coffeehouse business, which spans over 800 locations across 11 countries. The transaction, anticipated to close in the first quarter of 2024, is subject to standard closing conditions.
JDE Peet’s will oversee the manufacturing, marketing, and selling of Caribou Coffee’s consumer packaged goods (CPG) and foodservice coffee products, excluding those sold at Caribou’s retail outlets. Furthermore, they will provide specialty-grade coffee to Caribou’s retail stores, maintaining Caribou’s high-quality standards.
John Butcher, President and CEO of Caribou Coffee, regards this deal as a testament to the company’s successful business model and trusts JDE Peet’s to enhance Caribou’s growth. He stressed that the partnership enables Caribou to focus on delivering top-quality products and exceptional customer service.
JDE Peet’s, a leader in the global coffee market, is set to expand Caribou Coffee’s presence in North America. CEO Fabien Simon expressed excitement about adding Caribou Coffee to their portfolio of premium brands, including Peet’s, Stumptown, Intelligentsia, and L’OR, aiming to strengthen their footprint in the world’s largest coffee market.
Caribou Coffee, part of Panera Brands, is renowned for its commitment to sustainability and high-quality handcrafted beverages. With a focus on clean label ingredients and Rainforest Alliance Certified coffees, Caribou Coffee exemplifies its dedication to quality and sustainability.
This partnership signifies a major development in the coffee industry, setting the stage for enhanced growth and expansion for Caribou Coffee and JDE Peet’s in the competitive North American market.