Peet's and Gloria Jean Tie the Knot
Peet's acquires "single serve" rights to the popular Gloria Jean’s coffee brand
By SAJID FAROOQ
Updated 12:02 PM PST, Tue, Nov 3, 2009
The original Starbucks is making a move to recover old ground.
Alfred Peet founded the specialty coffee chain in Berkeley, Calif. and he was the inspiration behind Starbucks. Peet helped his three friends start Starbucks and originally supplied them with beans. There was also once an agreement that Starbucks would not compete with Peet's in the Bay Area.
But long gone are the days of no competition and sharing beans. Starbucks has since opened up on every corner in the Bay Area (or at least it seems that way) and on Tuesday Peet's put another weapon in its baristas' press by spending $213 million to buy Diedrich Coffee.
The move gives Peet's "single serve" rights to the popular Gloria Jean’s coffee brand. The move comes just months after Peet's announced it would begin distributing Godiva flavored coffee across the country in supermarkets.
A Peet's representative said Gloria Jean's coffees would not be sold in its store but instead Peet's would distribute the coffee to "the consumer packaged goods segment." Meaning Peet's will make sure Gloria Jean shows up in a grocery store near you.
First Published: Nov 3, 2009 10:55 AM PST
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