Investment company JAB Holdings has announced it will merge Jacobs Douwe Egberts (JDE) and Peet’s Coffee and explore an initial public offering (IPO) of the new company.
Consisting of brands such as Peet’s Coffee, L’OR, Jacobs Coffee, Douwe Egberts, Senseo, Tassimo, Moccona, Kenco, Pickwick and Pilão, JDE Peet’s will be present in more than 140 countries and have revenues of approximately €7 billion.
JAB said the exploration of an IPO is a key milestone in the partnership between Acorn Holdings (which includes controlling shareholder JAB and BDT Capital) and Mondelēz International.
As part of preparing for the IPO, Peet’s Coffee chief executive officer Casey Keller will become CEO of JDE Peet’s, effective January 2020.
Frederic Larmuseau, who has decided to step down from his role as CEO of JDE, will remain at the company as a special advisor to the board and the CEO.
“JDE Peet’s is an exceptional business with some of the most beloved coffee brands in the world, and I am excited to lead the company in its next phase of growth,” said Casey Keller.
“With our leading positions in many important markets, supported by all the great people in our organisation, we are well-positioned to continue achieving strong long-term growth.”
Olivier Goudet, chairman of JDE and Peet’s Coffee, added: “We are excited that Casey will assume the role as CEO of JDE Peet’s as we continue further building upon the company’s strong track record of growth and expansion.
“We are proud of what we have accomplished at JDE and Peet’s but believe with our IPO the best years of growth and shareholder value creation are ahead of us with our newly combined company. I want to thank Frederic for his stewardship in driving JDE’s growth and development.”
The IPO is expected to be completed during 2020, after which JAB expects to remain the controlling shareholder.
© FoodBev Media Ltd 2019