DavidsTea mulling IPO in 2015
Canadian specialty tea retailer DavidsTea is eyeing a stock market floatation later this year, according to people familiar with the matter. The company assigned lead roles to Goldman Sachs, JPMorgan Chase and Bank of America in preparing for a potential public offering. Based in Montreal, privately owned DavidsTea was founded in 2008 by David Segal and his cousin Herschel Segal, who oversaw rapid expansion across Canada and in the US. The retailer currently operates over 100 locations in both countries, with multiple shops in San Francisco, New York, Chicago and Boston areas. DavidsTea is a direct competitor of Teavana, purchased by Starbucks for $620 million in 2012.