JDE Peet?s announced it has signed a long-term global license agreement to manufacture, market and sell Caribou consumer and foodservice coffee products, excluding Caribou coffeehouses. The transaction, which is expected to close in the first quarter of 2024, provides JDE Peet?s a strong platform to expand its premium coffee portfolio in North America. Under the terms of the agreement, JDE Peet?s will acquire Caribou?s roasting operations in Minneapolis, Minnesota.

The two companies have also reached a long-term strategic arrangement under which JDE Peet?s will supply coffee products for sale in Caribou?s coffeehouses. Through an expanded development agreement with current franchisees, Caribou also expects a similar development internationally.