Unilever buys Aussie specialty tea chain T2
Unilever has signed an agreement to purchase T2, a specialty tea retailer in Australia. The deal is seen as a means for Unilever, which operates Lipton and Bushells brands down under, to get a foothold in Australia's premium tea market. Founded in 1996, T2 had a rough start with its business model centered around tea retail experience, as it failed to secure access to bank finance and did not turn a profit for four years. The company currently operates over 40 locations across the continent. It generated double-digit growth and sales of $52 million in the 12 months ending 30 June 2013. Both companies expect to capitalize on benefits of scale and shared tea category expertise. Financial details of the deal were not disclosed.