高端定位与性价比两难全，精品咖啡品牌们何去何从？ 千亿并购接踵而至，巨头出售传闻不断，全球咖啡市场又迎来了新变局。这次站在聚光灯下的，是有着"星巴克之父"之称的精品咖啡标杆——皮爷咖啡。 8月25日，美国饮料巨头Keurig Dr Pepper（以下简称KDP）抛出重磅消息，公司将重金收购皮爷咖啡母公司JDE Peet's，总股权对价高达157亿欧元（约合 人民币1300亿元）。 这笔交易的双方，分别是饮料领域与咖啡领域的实力玩家。KDP深耕北美市场多年，旗下胡椒博士（Dr Pepper）、七喜（7UP）以及新奇士（Sunkist）等 品牌家喻户晓，根据行业杂志Beverage Digest发布的调研数据，2024年胡椒博士超越百事可乐，以8.3%的市场份额排名美国碳酸饮料销量第二，仅次于可 口可乐； 而JDE Peet's则是全球咖啡茶饮领域的全能选手，手握50余个品牌，除了皮爷咖啡这张精品王牌，还拥有包装咖啡龙头Douwe Egberts、德国知名咖啡品牌 Tchibo等，全球咖啡业务收入是JDE Peet's的核心组成部分。 值得注意的是，此次买卖双方，背后都有同一个股东的身影——JAB家族（德国莱曼家 ...

Group 1: Acquisition Overview - Keurig Dr Pepper (KDP) announced a cash acquisition of JDE Peet's for a total equity value of €15.7 billion (approximately ¥130 billion) [1] - KDP is a beverage giant in North America, while JDE Peet's specializes in coffee and tea, known for its Peet's Coffee brand [1] - The acquisition is seen as a strategic move for KDP to enhance its coffee business, which has historically underperformed [10] Group 2: Historical Context of Peet's Coffee - Peet's Coffee was founded in 1966 by Alfred Peet, who initiated a revolution in specialty coffee in the U.S. [2] - Peet's Coffee is often referred to as the "father of Starbucks," as it provided coffee beans to Starbucks' founders [2] - In 2012, JAB Holdings acquired Peet's Coffee for $977 million, leading to its privatization and subsequent global expansion [3] Group 3: Performance in China - Peet's Coffee entered the Chinese market in 2017, establishing a joint venture and currently operates over 270 stores primarily in first-tier and new first-tier cities [4] - JDE Peet's reported a strong organic sales growth of 23.8% in China, contributing to a global sales increase of €8.837 billion (7.9% year-over-year) [7] Group 4: JAB Holdings' Role - JAB Holdings, a significant player in the transaction, increased its stake in JDE Peet's to 68% prior to the acquisition, making it the largest shareholder [9] - JAB's investment strategy focuses on high-growth consumer brands, and it stands to gain over $12.3 billion (approximately ¥88 billion) from this acquisition [9] Group 5: Future Prospects - Post-acquisition, KDP plans to split into two independent publicly traded companies: Beverage Co. and Global Coffee Co., with the latter expected to become the largest pure coffee company globally [10] - KDP's CEO emphasized the acquisition as an opportunity to create a global coffee giant amid a challenging market for coffee brands [11] Group 6: Broader M&A Trends - The acquisition of JDE Peet's is part of a larger trend of significant mergers and acquisitions in the consumer sector, with companies seeking to adjust their strategic positions [12] - The consumer sector is witnessing a resurgence in M&A activity, as companies look to overcome growth challenges through consolidation [14]

Core Viewpoint - Keurig Dr Pepper (KDP) announced the acquisition of JDE Peet's, the parent company of Peet's Coffee, for €15.7 billion (approximately ¥130.3 billion), indicating a significant consolidation in the coffee industry as competitors face restructuring and sales [1][3]. Group 1: Acquisition Details - KDP will acquire 100% of JDE Peet's shares at a price of €31.85 per share, with existing shareholders also receiving a dividend of €0.36 per share [3]. - Following the announcement, JDE Peet's stock surged, while KDP's stock fell from $35 to around $29 [3]. - KDP aims to enhance its coffee positioning and plans to split its beverage and coffee businesses into two independent publicly traded companies in the U.S. after the acquisition [6]. Group 2: Market Context - The coffee sector is experiencing significant changes, with Coca-Cola reportedly evaluating the sale of Costa Coffee and Starbucks China also attracting interest from major investors [3]. - JDE Peet's, known for its 50+ brands, has seen its stock price decline from a peak of €40 to €16, a drop of 60% since 2021 [7]. - The acquisition news led to a rebound in JDE Peet's market value, nearly returning to its initial public offering level [8]. Group 3: Industry Trends - Peet's Coffee, often referred to as the "godfather of Starbucks," has been facing challenges in the competitive coffee market, with closures of several key stores in China due to poor profitability [12][13]. - The premium coffee segment is struggling, with over 32,000 coffee shops expected to close nationwide by mid-2025, averaging 170 closures per day [13]. - In contrast, budget coffee brands like Luckin Coffee are rapidly expanding, leveraging aggressive pricing strategies to capture market share [14][15].

以下文章来源于并购最前线 ，作者吴琼 并购最前线 . 投资界（PEdaily.cn）旗下，专注并购动态 欢迎加入投资界读者群 咖啡排队卖身。 作者 I 吴琼 报道 I 投资界-并购最前线 咖啡圈并购太热闹了。 投资界获悉，美国饮料巨头Ke u ri g Dr Pe ppe r（简称KDP）宣布，将以全现金交易的方 式收购JDE Pe e t's，总股权对价达15 7亿欧元（约合人民币1300亿元）。 此次交易中，一方为饮料公司KDP，旗下胡椒博士（Dr Pe p pe r）、七喜等饮料品牌，在 北美市场颇为流行；而另一方JDE Pe e t's，是一家咖啡和茶饮专营公司，旗下拥有5 0多 个 品 牌 ， 但 更 为 人 所 熟 知 的 身 份 还 是 皮 爷 咖 啡 母 公 司 ， 后 者 常 被 视 作 精 品 咖 啡 代 表 品 牌。本次收购，KDP 看中的正是 咖啡生意。 "星巴克之父"诞生往事 当时，不少咖啡爱好者都师从皮特，皮特也为他们提供烘焙咖啡豆，这其中就有星巴克 的三位创始人，后来三位年轻人于1971年在西雅图开设首家星巴克，且第一年所用的咖 啡豆就来自 Pe e t's。 正是因此，皮爷咖啡 ...