Peet's Coffee & Tea Sold for $977.6 Million

The coffee chain went private, but Starbucks didn't get a sip

In the world of competing coffee chains, Peet's Coffee & Tea and Starbucks may just be sister stores. Apparently, Peet's founder Alfred Peet sold the Starbucks founders coffee beans when Starbucks launched.

But it looks like Peet's is going private, and the brand wasn't picked up by rival Starbucks (which seems to be snatching up everything these days). The LA Times reports that the coffee shop chain was sold to German conglomerate Joh. A. Benckiser, who shelled out $977.6 million for the brand (or $73.50 a share).

Benckiser also holds a large stake in Coty Inc., which produces OPI nail polish and celeb scents, as well as Labelux (of Jimmy Choo and Bally). Apparently the deal will close in three months, so perhaps we will see some perfume/coffee pairings in the works? Or probably not. But we're definitely looking forward to more loose-leaf teas around town, if Peet's decides to go big.