Peet's Coffee & Tea acquires Mighty Leaf Tea
Peet's Coffee & Tea announced the acquisition of the specialty tea manufacturer Mighty Leaf Tea in partnership with Next World Group, a private investment firm. Mighty Leaf distributes its products primarily through specialty retailers, foodservice distributors and hospitality providers across the US. As a result, Peet's will gain a strong foothold in the premium tea market, which has been growing rapidly in recent years, whereas Mighty Leaf will be able to leverage PeetÂ’s resources, capabilities and a network of more than 200 outlets. According to a press release, Mighty Leaf will continue to operate independently and Peet's, owned by a German private investment firm, will continue to produce and market its own signature tea brand across its foodservice and retail channels.