Peet's Sold for $1 Billion

By RJ Middleton
|  Monday, Jul 23, 2012  |  Updated 2:13 PM PDT
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Peet's Sold for $1 Billion

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From Gourmet Ghetto to German conglomerate, Peet's Coffee has been swallowed whole for $1 billion by Joh. A. Benckiser, according to the New York Times.

Started as a single store in Berkeley in 1966 by Albert Peet, the company will be taken private in a few months, with the same managment in place and the same headquarters in Emeryville intact.

The chain has around 130 196 stores nationwide, with a large airport presence, as well.

The offer prices was $73.50 a share.

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