Philz Coffee Nears $145 Million Acquisition by Freeman Spogli & Co.
By
danso
Hot, fresh, and worth queueing round the block for.
Summary
Philz Coffee is nearing a deal to be acquired by private equity firm Freeman Spogli & Co. for $145 million, as revealed in documents shared with stockholders. The deal includes payouts for board members, including former CEO Phil Jaber and current CEO Mahesh Sadarangani, while employee stocks will be canceled. Former employees have noted cultural changes within the company.
Key quotes
· 3 pulledFreeman Spogli & Co. is in the process of buying Philz Coffee for $145 million, according to documents shared with stockholders.
Employee stocks will be canceled as part of the deal; former employees point to culture change across Philz Coffee.
Philz board members, which include former CEO Phil Jaber and his son, Jacob Jaber, will receive payouts or bonuses from the deal.
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