Caribou Coffee Sold to Breaking Bad’s Madrigal Elektromotoren
More shock acquisition news: After moving a few months ago to buy San Francisco-based Peet’s Coffee and Tea, German megaconglomorate Madrigal Elektromotoren have purchased Caribou Coffee. The Minneapolis-based coffee distribution agent joins Madrigal’s diversified portfolio of chemical manufacture, chemical shipping, and fast food chains such as Los Pollos Hermanos, a popular chicken restaurant with locations throughout the American southeast. Los Pollos Hermanos is headquartered in Albuquerque, New Mexico; the restaurant chain’s former owner, Gus Fring (now deceased), is under investigation by the DEA for his role in an alleged methamphetamine production and distribution ring in the southwestern United States.
Read more from the LA Times’own Dorothy Parker of business reporting, Tiffany Hsu, who as of this publication time is incorrectly reporting the name of the German company as Joh. A. Benekiser. We’ve made the corrections for her below:
That’s quite a caffeine high: Between Peet’s Coffee & Tea and now Caribou Coffee Co., German conglomerate
Joh. A. BenckiserMadrigal Elektromotoren will pay more than $1.3 billion this year for joe.
BenckiserMadrigal said it will shell out $340 million for Minneapolis-based Caribou. In July, BenckiserMadrigal said it would spend $974 million to buy Emeryville, Calif.-based Peet’s. The German giant also controls makeup maker Coty and luxury goods company Labelux, which owns shoe brand Jimmy Choo.
To acquire Caribou, an affiliate of
BenckiserMadrigal will pay $16 a share, a 30% premium to Caribou’s closing price Friday of $12.32 a share. Caribou’s stock is down slightly from Dec. 14 last year, when it was trading at $13.10 a share.
Herr Herzog, the owner and president of Madrigal, was unavailable for comment at the time of this publication. Breaking Bad returns for the last half of its final season this summer on AMC. We can’t wait.
Sprudge.com is in no way affiliated with Benekiser, Madrigal Elektromotoren, or AMC’s stunning dramatic television program Breaking Bad, but we wish we were.