Peet’s Coffee & Tea, a US-based specialty coffee and tea company, has acquired Mighty Leaf Tea, in partnership with Next World Group, a private equity firm.
The acquisition, which was for undisclosed amount, is in line with Peet's growth and expansion strategy.
Following the acquisition, Mighty Leaf Tea will have access to Peet's resources, capabilities and scale, though it will continue to operate independently.
Mighty Leaf Tea offers quality, artisan teas and creative blends as well as signature, handcrafted compostable mesh tea pouch.
Mighty Leaf Tea co-founder Gary Shinner said that the acquisition is an important step in Mighty Leaf Tea's journey, and the company is excited to take its brand to the next level with Peet's Coffee & Tea.
"This is a win for both Mighty Leaf and Peet's as we both share a dedication to premium quality and craft mastery that will become even stronger together," added Shinner.
Recently, Peet's announced plans to open around 60 stores by the end of this year.
Next World Group will hold a minority stake in the partnership. Peet's produces and market its own signature tea brand across foodservice and retail channels.
