Peet’s Coffee & Tea said it will buy a majority stake in Intelligentsia Coffee Roasters as part of an effort to diversify its coffee brands to provide several points of appeal for consumers.
As with Peet’s purchase of Stumptown Coffee Roasters earlier this month, 10-unit Intelligentsia will continue to operate independently, while Peet’s—which is owned by JAB Holdings, Caribou Coffee and Einstein Noah’s parent—will pursue its own growth strategy, Peet’s said.
“We’re excited to welcome Intelligentsia into the Peet’s family as the growth of the super-premium coffee market continues to explode in the U.S.,” Peet’s CEO Dave Burwick said in a statement.
That market growth is driven by more-affluent millennials who “purchase premium brands from other categories like craft beer and pressed juice, and seek variety and new experiences,” Burwick said, adding that the addition of Stumptown and Intelligentsia make Peet’s uniquely suited to meet the needs of those discerning consumers.
Terms of the deal were not disclosed.