And mobile revenue increases year over year on Black Friday, as more shoppers turn to their smartphones, a new study finds.
Green Mountain Coffee Roasters expands its direct-to-consumer reach.
Green Mountain Coffee Roasters Inc. has acquired LJVH Holdings Inc., operator of Canadian coffee retailer Van Houtte Inc., for about $905 million (C$915 million) in cash.
The final price of the deal, which closed last week, was subject to adjustment for final exchange rate and future adjustment based on Van Houtte’s working capital, net indebtedness and pre-closing taxes immediately prior to the acquisition’s closing, Green Mountain says.
Green Mountain, No. 96 in the Internet Retailer Top 500 Guide, entered into a $1.45 billion credit arrangement and financed the Van Houtte acquisition through a combination of cash on hand and new debt financing.
Van Houtte roasts and sells gourmet coffee for home and office customers, and distributes it through Van Houtte’s direct-to-store delivery, online at VanHoutte.com and coffee services networks in Canada and the U.S. Green Mountain will continue operations from Van Houtte’s current location in Montreal, headed by Gerard Geoffrion, Van Houtte’s president and CEO.
Van Houtte’s Canadian brands include Van Houtte, Brûlerie St. Denis, Les Cafés Orient Express Coffee and Brûlerie Mont Royal. Van Houtte also produces K-Cup portion packs for the Keurig Inc. Single-Cup Brewing System under the Van Houtte, Bigelow and Wolfgang Puck K-Cup brands. Green Mountain also owns Keurig.
“We are confident that Van Houtte, with its well-known portfolio of brands and strong management team, will help drive GMCR’s future success in Canada and throughout North America,” says Green Mountain president and CEO Lawrence J. Blanford. Van Houtte’s approximately 1,800 employees will be absorbed into the company, Blanford says.