Green Mountain Coffee Roasters acquires Tully's
March 30, 2009
by FoodBusinessNews.net Staff
WATERBURY, VT. — Green Mountain Coffee Roasters, Inc. has completed its acquisition of Tully’s Coffee brand and wholesale coffee business.
The transaction is valued at $40.3 million.
"This acquisition hits at the intersection of our goals — to bring an outstanding specialty coffee brand into our family of brands and to expand G.M.C.R.’s West coast presence," said Larry Blanford, president and chief executive officer. "The acquisition strengthens our leadership in specialty coffee and will support our plans to establish our proprietary Keurig Single-Cup Brewing system as the preferred way to enjoy coffee throughout North America."
Tully’s retail locations will operate under license and supply agreements with G.M.C.R., and the retail and international business will remain an independent company operating under the name of TC Global, Inc.
The company anticipates the transaction will be natural to slightly accretive to earnings per share for the first year of ownership and accretive after that.