Sept. 15 (UPI) — Nestle announced Thursday it has bought a majority stake in Oakland, Calif.-based specialty coffee company Blue Bottle Coffee.
The Swiss company purchased a 68 percent share in the company for about $425 million, an unnamed source told The Wall Street Journal.
Blue Bottle Coffee is a high-end coffee shop with 55 locations modeled on a Viennese coffee house. It caters to customers seeking a variety of coffee beans and roasts, and techniques like cold-brew and pour-over coffee.
“This move underlines Nestlé’s focus on investing in high-growth categories and acting on consumer trends,” Nestle CEO Mark Schneider said in a statement. “Blue Bottle Coffee’s passion for quality coffee and mission-based outlook make for a highly successful brand. Their path to scale is clearly defined and benefits from increasing consumer appreciation for delicious and sustainable coffee.”
Nestle’s shares closed down 0.06 percent in the wake of the news.
