Keurig Dr Pepper (KDP) has agreed to acquire JDE Peet’s (Peet’s) in an all-cash transaction, representing an enterprise value of $22.5 billion.
After the acquisition closes, KDP plans to separate into two independent, U.S.-listed publicly traded companies: Beverage Co. and a pure-play coffee company, Global Coffee Co.
KDP is a beverage company in North America, with a portfolio of more than 125 owned, licensed and partner brands and 29,000 employees. Its brands include Keurig®, Dr Pepper®, Canada Dry®, Mott's®, A&W®, Peñafiel®, Snapple®, 7UP®, Green Mountain Coffee Roasters®, GHOST®, Clamato®, Core Hydration® and The Original Donut Shop®.
Peet’s is a pure-play coffee company, serving 4,400 cups of coffee per second in more than 100 markets, with a portfolio of brands including Peet's, L'OR, Jacobs, Douwe Egberts, Kenco, Pilao, OldTown, Super and Moccona. In 2024, JDEP employed a global workforce of more than 21,000 employees.
S&C client, Lazard Frères & Co., acted as financial adviser to KDP.
The S&C team representing Lazard includes Steve Kotran and Morgan Smiley.