Sard Verbinnen & Co and Abernathy MacGregor Group are working the $1B deal to take coffee retailer Peet's Coffee & Tea private.
The Emeryville, Calif.-based roaster and retailer, a smaller competitor of Starbucks which was said to be an inspiration for the coffee giant, is publicly traded on the NASDAQ.
Peet's said July 23 reached a deal on a $73.50-per-share offer by German investment group Joh. A. Benckiser.
"We are very excited about this next chapter in Peet's rich history," said Patrick O'Dea, president and CEO of Peet's, which said it will skip its Q2 earnings call.
Sard's San Francisco-based managing directors John Christiansen and Paul Kranhold are handling PR for Peet's. AbMac president Charles Burgess and M&A chief Tom Johnson represent JAB.
The Wall Street Journal reported July 23 that some investors are speculating another suitor, possibly Starbucks, may emerge. One analyst noted a past remark by Starbucks CEO Howard Shultz about the founder of Peet's – Alfred Peet – being a "spiritual godfather."
A special meeting of shareholders is being scheduled to gain approval.
Peet's, which went public in 2001 and was founded in 1966 in the Bay Area, has around 200 retail locations in the U.S.
Chicago merchant bank BDT Capital is a minority investor and advisor in the deal.