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JAB has agreed to purchase Mondelēz International's 86 million shares in JDE Peet’s for €25.10 per share. According to Bloomberg, this transaction totals approximately €2.16 billion.
In addition to the deal, JAB also distributed 43 million shares of JDE Peet’s to over 70 limited partners in its JAB Consumer Partners fund. This accounts for 9% of the company's total shares, increasing JDE Peet’s free float to 32%.
After these transactions, JAB's stake in JDE Peet’s will rise to 68%.
Joachim Creus, JAB managing partner, vice chairman and CEO, said: “These transactions represent a major milestone for JDE Peet’s, which is now a more widely held blue chip company".
"JAB has strong conviction in the resilience of the global coffee sector and the long-term value creation prospects of JDE Peet’s. We are fully committed to remaining an anchor shareholder of the world’s leading pure-play coffee and tea company.”
Alongside this news, JDE Peet’s has named former Kraft Heinz executive Rafael Oliveira as its new CEO and stand-in executive director, effective 1 November.
Oliveira will be based in Amsterdam. His appointment as CEO depends on his work permit approval in the Netherlands, and his formal role as executive director requires shareholder approval at the company's next AGM on 19 June 2025.
His appointment follows a thorough search by the board that began in April, following Fabien Simon's announcement of his departure in March. Former Marks and Spencer CEO Luc Vandevelde was then appointed as Simon’s interim replacement but resigned four months later, citing “unforeseen matters”.
JDE Peet's CFO Scott Gray then took on the role in addition to his current position. Gray will now work with Oliveira "to ensure a seamless transition and onboarding," said the company in a statement.
Peter Harf, chairman of the board of JDE Peet’s, said: “I am thrilled to welcome Rafael to JDE Peet’s. His deep understanding of global markets and consumers, strategic acumen and proven performance in the consumer sector is complemented by a passion for innovation and team development".
"With Rafael’s appointment, the company is now entering a new and exciting phase. I am confident in Rafael's ability to deliver against our strategic priorities and drive consistent performance across top-line, profitability, and cash flow whilst creating value for all stakeholders.”
#JDEPeets #Mondelez #JAB #coffee
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