Keurig Dr Pepper has acquired more than 96% of the shares of coffee company JDE Peet's and named the new chief executive of their forthcoming coffee business, officials announced last week.
The beverage giant originally announced plans to buy the Peet's Coffee owner last summer in a deal estimated at $18 billion. After an “interim operating period,” the combined company will split into two separate, publicly traded companies — one featuring its coffee holdings, and the other focused on "refreshment beverages.”
Rafael Oliveira, the executive director and CEO of JDE Peet's, was appointed as the new CEO of KDP’s coffee segment, and the companies announced that he will lead the independent coffee company once that transaction takes place.
"With this complementary combination, we are uniting outstanding talent, systems, and brand portfolios under a shared vision for global leadership in coffee," said KDP CEO Tim Cofer, who will lead the beverage business.
"This is an incredible opportunity to create the future of coffee," Oliveira added. "’Global Coffee Co.’ will aim to be the best coffee company in the world by combining global reach with local expertise to operate across all formats, segments, channels and price points.”
The companies said that they hope to reach “operational readiness” for their separation by the end of the calendar year.
