Teavana Announces Completion of its Acquisition of Teaopia
Teavana Holdings, Inc. (NYSE: TEA) today announced that its wholly owned subsidiary, Teavana Canada, Inc., has completed the previously announced acquisition of substantially all of the assets of Teaopia Limited, a leading mall-based specialty tea retailer in Canada, for an all-cash purchase price of $26.9 million, subject to certain adjustments related to working capital. Teaopia, founded in 2005 and based in Canada, is a specialty retailer of loose-leaf teas, tea related merchandise and beverages operating in 46 company-owned stores, primarily in high-end malls across Canada and online (www.teaopia.ca).
Teavana is a specialty retailer offering more than 100 varieties of premium loose-leaf teas, authentic artisanal teawares and other tea-related merchandise through 223 company-owned stores and on its website. Founded in 1997, the company offers new tea enthusiasts and tea connoisseurs alike its "Heaven of Tea" retail experience where passionate and knowledgeable "teaologists" engage and educate them about the ritual and enjoyment of tea. The company's mission is to establish Teavana as the most recognized and respected brand in the tea industry by expanding the culture of tea across the world. To support the tea culture globally, Teavana donates approximately 1% of annual net profits to the Cooperative for Assistance and Relief Everywhere, Inc., or "CARE," through its Teavana Equatrade program. For more information, visit www.teavana.com.
Farah Soi / Joseph Teklits