FOXBusiness:
As part of its strategy to capitalize on the growth of the wholesale specialty coffee market and its strength as a premier roaster and distributor of the world’s finest coffees, Diedrich Coffee, Inc. today announced that it has signed a definitive agreement with Praise International North America, Inc., an affiliate of Gloria Jean’s Coffees International, for the sale of its Gloria Jean’s Coffees domestic franchise operations. Gloria Jean’s Coffees International holds the rights to the Gloria Jean’s Coffees brand for all international countries excluding the U.S. and Puerto Rico.
The sale of the Gloria Jean’s Coffees domestic franchise operations to Praise International North America includes a total of 102 franchise and company-operated locations in 24 states. The purchase price is approximately $3.1 million and the transaction is anticipated to close within 60 days. Terms of the sale include a five-year roasting agreement and rights to use the Gloria Jean’s Coffee brand names in perpetuity in the Company’s various wholesale business channels and Keurig K-cup product lines.