Green Mountain Coffee Roasters, Inc. has acquired the Tully’s coffee brand and wholesale business from Tully’s Coffee Corp. for $40.3 million.
Under terms of the agreement, Tully’s will remain an independent company managed by its existing management team.
Following the completion of this transaction, GMCR expects to integrate approximately 70 employees from Tully’s wholesale business into its Green Mountain Coffee segment. Green Mountain said it would sublease Tully’s manufacturing and distribution center in Seattle that is devoted to the wholesale business.
The company said it would finance the purchase through its existing $225 million senior revolving credit facility.
Green Mountain Coffee intends to finance the purchase through its existing $225 million senior revolving credit facility.
The deal is expected to close by the end of the year.
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