Sara Lee Acquires Tea Forté
Sara Lee Corp. (NYSE: SLE) today announced it has acquired Tea Forté, a Massachusetts-based leader in the ultra-premium tea category, for an undisclosed sum. With this acquisition Sara Lee strengthens its expertise and presence in the fast-growing segment of luxury teas.
Tea Forté posted revenues of $12 million in 2011. Founded in 2003 by former Museum of Modern Art designer Peter Hewitt, the company is now present at leading hotels, restaurants and luxury retailers in 35 countries. Tea Forté's award-winning teas are available in loose format and in the company's signature pyramid infuser.
"Acquiring Tea Forté fits perfectly into our strategy to spin off 'CoffeeTeaCo' as a pure-play coffee and tea company poised for strong growth," said Jan Bennink, executive chairman of the board, Sara Lee Corp.
CoffeeTeaCo will retain the current management team of Tea Forté to run the business independently before integrating it into its international coffee and tea operations.
"Tea Forté's expertise in ultra-premium teas complements our existing business with leading brands across Europe and boosts our innovation capabilities in the tea category," added Michiel Herkemij, chief executive officer, Sara Lee International Beverage.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.