JDE Peet’s signs license agreement with Caribou
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JDE Peet’s has signed a long-term global license agreement to manufacture, market and sell Caribou consumer and foodservice coffee products, excluding Caribou coffeehouses. The transaction, which is expected to close in the first quarter of 2024, provides JDE Peet’s a strong platform to expand its premium coffee portfolio in North America.
Under the terms of the agreement, JDE Peet’s will acquire Caribou’s roasting operations in Minneapolis, Minnesota. The two companies have also reached a long-term strategic arrangement under which JDE Peet’s will supply coffee products for sale in Caribou’s coffeehouses. With over 800 coffeehouses in 11 countries, Caribou has made progress in its retail expansion plan through company-owned development as well as its previously announced franchise programme that should double domestic coffeehouses in the coming years. Through an expanded development agreement with current franchisees, Caribou also expects a similar development internationally.
“We are delighted with this partnership, which adds Caribou to our existing portfolio of premium brands which we distribute, including Peet’s, Stumptown, Intelligentsia and L’OR, to serve more coffee lovers in North America. Caribou is an iconic brand with outstanding facilities and we will complement its strong brand equity with JDE Peet’s’ distribution and innovation capabilities to strengthen our presence and serve more coffee lovers in the largest coffee market in the world,” said Fabien Simon, CEO of JDE Peet’s. “We wholeheartedly welcome a new team of talented employees to the JDE Peet’s family and look forward to integrating their expertise and insights into our operations. We will work closely with the Caribou team on the ongoing development of Caribou-branded products, as Caribou continues to expand its operations in the United States and abroad.”