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Peet’s Coffee & Tea, Inc. has acquired Mighty Leaf Tea in a partnership with private investment firm Next World Group, Food Business News reports.
The acquisition of Mighty Leaf Tea, a handcrafted tea manufacturer which makes artisanal teas in a compostable mesh pouch, is aimed at bolstering Peet’s presence in the premium tea market. Mighty Leaf Tea will continue to operate independently and will have full access to Peet’s resources, capabilities and scale, Peet’s said in a statement.
Dave Burwick, president and chief executive officer of Peet’s Coffee & Tea, commented: “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; it’s a natural, complementary fit. Mighty Leaf Tea is a fantastic premium brand, known for its artisan teas and signature hand-designed mesh tea pouch; their addition to our existing tea business enables us to further strengthen and accelerate our growth in this market.”
Peet’s stated that the addition of Mighty Leaf Tea marked another important step in its growth, with the company planning to open almost 60 new stores by the end of the year.
Financial terms of the deal were not disclosed.
Source: Food Business News / Peet’s Coffee & Tea
