Economy

Dublin entrepreneur sells hips coffee chain in €420m deal with Nestle

Dublin entrepreneur sells hips coffee chain in €420m deal with Nestle”

In addition to retail shops, Blue Bottle Coffee has also launched ready-to-drink and roast and ground products that are sold online and in the retail markets.

The cycle from homegrown, artisanal coffee bar on an alley to selling out to an global food conglomerate is complete, as it's announced today that Swiss food giant Nestle has purchased a 68-percent majority stake in Bay Area-based Blue Bottle Coffee.

The Oakland, California-based company operates shops in the US and Japan and is expected to reach 55 stores by the end of 2017, up from 29 a year earlier, Nestle said in a statement Thursday.

Blue Bottle's Meehan and Freeman said in a company blog post that their decision to sell to Nestle was a "complex" one, "involving many discussions, considerations, questions". Blue Bottle's current chief executive officer, Bryan Meehan, will remain in his role and founder James Freeman will become the company's chief product officer.

"This move underlines Nestle's focus on investing in high-growth categories and acting on consumer trends". "Blue Bottle Coffee's passion for quality coffee and mission-based outlook make for a highly successful brand".

The New York Times doesn't have the financial details of the deal, but they say it marks "one of the surest signs yet of how so-called third-wave specialty coffee - the kind that inspires nearly monastic devotion to pour-over brews and perfectly steeped drinks - has become a hot business".

Blue Bottle opened its first coffee shop in Oakland, California, 15 years ago.

A reputation for high-end coffee and sleek, minimalist interiors have attracted plenty of customers to Blue Bottle Coffee stores in Echo Park, Los Feliz and elsewhere. Many of its shops are in the Bay Area, but it has expanded to cities such as NY and Tokyo.



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