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Caribou Sold For $340M To German Holding Company

Originally posted on CBS Minnesota:

MINNEAPOLIS (AP) — Caribou Coffee is being taken private by a German holding company in a deal valued at about $340 million.

The coffee chain, which has 610 locations in the U.S. and overseas, said Monday that it will continue to operate as an independent company with its own brand and management team once the buyout by Joh. A Benckiser Group GmbH closes. The German investment firm had also purchased a majority stake in Peet’s Coffee & Tea Inc. earlier this year.

Joh. A. Benckiser Group GmbH will pay $16 per share, a 30 percent premium to Caribou’s Friday closing price of $12.32.

Caribou Coffee, which was founded in 1992, will keep its headquarters in Minneapolis. For the full year, the company said last month that it expects net sales to be flat with last year, with unit growth of about 10 percent to 12 percent. For 2013, it expects…

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