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Peet’s Coffee Buys Majority Ownership Of Petaluma’s Revive Kombucha

From: pressdemocrat.com

Peet’s Coffee is about to get a little more hippie.

The company said Thursday it bought majority ownership of Petaluma’s Revive Kombucha, which was founded eight years ago by a couple who started selling their fermented organic tea at the Santa Rosa Farmers Market and managed the business through skyrocketing growth in the specialty drink sector.

Last year, Emeryville-based Peet’s became a minority owner of the local company led by Sean and Rebekah Lovett, after investing $7.5 million in it. Other investors, including Blair Kellison, CEO of Traditional Medicinals Inc. of Rohnert Park, joined the coffee shop chain with smaller investments in Revive.

Under the new deal, the Lovetts will maintain a minority ownership position in the company they launched in 2010, as well as keep operational leadership roles. Specific financial terms, such as the cash value of Peet’s fresh investment in Revive, were not disclosed.

“It’s been a big decision. I’m feeling that we got a foundation set for the future,” said Sean Lovett, 42, who got into kombucha as a healthier alternative from the soda he drank growing up in the Midwest.

Revive employs 23 workers who also will benefit because they all own smaller shares of the company, Lovett said.

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