Green Mountain Coffee Roasters, Inc., (GMCR) (NASDAQ: GMCR), a leader in
specialty coffee and coffeemakers, today announced a definitive Stock
Purchase Agreement pursuant to which ARAMARK Refreshment Services, LLC
(ARAMARK), a leading provider of office coffee and refreshment services,
will acquire all outstanding shares of Van Houtte USA Holdings, Inc.,
also known as the Van Houtte U.S. Coffee Service business or
"Filterfresh" business from GMCR, for an aggregate cash purchase price
of approximately $145 million. The purchase price is subject to
adjustment based on Filterfresh's working capital and indebtedness as of
immediately prior to the transaction's closing.
"ARAMARK and Filterfresh are both leaders in providing excellent service
and quality office coffee and other refreshments to employees in the
workplace," said Jonathan Peters, Executive Vice President, ARAMARK
Refreshment Services. "We look forward to satisfying even more customers
through this new partnership."
"We believe there is a strong strategic fit between the Filterfresh
business and ARAMARK and we look forward to continuing to work with
ARAMARK as a valued distributor," said Dave Manly, General Manager of
the Away From Home business for GMCR's Keurig business unit.
The Purchase Agreement contains customary representations, warranties
and covenants, and is subject to various closing conditions, including
obtaining regulatory approval in the United States. Subject to certain
limitations, each party has also agreed to indemnify the other for
breaches of representations, warranties and covenants and other
On December 17, 2010, GMCR acquired Van Houtte through the purchase of
all of the outstanding capital stock of LJVH Holdings, Inc. At the time
of the acquisition, GMCR announced it would pursue a sale of a portion
of the former Van Houtte business, namely Van Houtte's U.S. Coffee
Service business, also known as Filterfresh. GMCR has accounted for all
the assets and liabilities relating to the Filterfresh business as
held-for-sale in its most recent financial statements.
About Green Mountain Coffee Roasters, Inc.
As a leader in specialty coffee and coffee makers, Green Mountain Coffee
Roasters, Inc. (GMCR) (NASDAQ: GMCR), is recognized for its
award-winning coffees, innovative Keurig® Single-Cup brewing technology,
and socially responsible business practices. GMCR supports local and
global communities by offsetting 100% of its direct greenhouse gas
emissions, investing in sustainably-grown coffee, and donating at least
five percent of its pre-tax profits to social and environmental projects.
GMCR routinely posts information that may be of importance to investors
in the Investor Relations section of its website, including news
releases and its complete financial statements, as filed with the SEC.
GMCR encourages investors to consult this section of its website
regularly for important information and news. Additionally, by
subscribing to GMCR's automatic
email news release delivery, individuals can receive news directly
from GMCR as it is released.
ARAMARK is a leader in professional services, providing award-winning
food services, facilities management, and uniform and career apparel to
health care institutions, universities and school districts, stadiums
and arenas, and businesses around the world. The company is recognized
as the industry leader in FORTUNE magazine's "World's Most Admired
Companies," and as one of America's Largest Private Companies by both
FORTUNE and Forbes magazines.
Through its Refreshment Services group, ARAMARK provides a wide range of
food and beverage services, supplying more than one billion cups of
coffee annually to business and industry clients worldwide. ARAMARK
offers a single source for office coffee service, water filtration,
brand-name beverages, and food and break-room essentials. More
information can be found at aramark.com or aramarkrefreshments.com.
GMCR Forward-Looking Statements
Certain statements contained herein are not based on historical fact and
are "forward-looking statements" within the meaning of the applicable
securities laws and regulations. Generally, these statements can be
identified by the use of words such as "anticipate," "believe," "could,"
"estimate," "expect," "feel," "forecast," "intend," "may," "plan,"
"potential," "project," "should," "would," and similar expressions
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Owing to the
uncertainties inherent in forward-looking statements, actual results
could differ materially from those stated here. Factors that could cause
actual results to differ materially from those in the forward-looking
statements include, but are not limited to, the impact on sales and
profitability of consumer sentiment in this difficult economic
environment, the Company's success in efficiently expanding operations
and capacity to meet growth, the Company's success in efficiently and
effectively integrating the Company's acquisitions, the Company's
success in introducing and producing new product offerings, the ability
of lenders to honor their commitments under the Company's credit
facility, competition and other business conditions in the coffee
industry and food industry in general, fluctuations in availability and
cost of high-quality green coffee, any other increases in costs
including fuel, the Company's ability to continue to grow and build
profits in the At Home and Away from Home businesses, the Company
experiencing product liability, product recall and higher than
anticipated rates of warranty expense or sales returns associated with a
product quality or safety issue, the impact of the loss of major
customers for the Company or reduction in the volume of purchases by
major customers, delays in the timing of adding new locations with
existing customers, the Company's level of success in continuing to
attract new customers, sales mix variances, weather and special or
unusual events, the impact of the inquiry initiated by the SEC and any
related litigation or additional governmental investigative or
enforcement proceedings, as well as other risks described more fully in
the Company's filings with the SEC. Forward-looking statements reflect
management's analysis as of the date of this release. The Company does
not undertake to revise these statements to reflect subsequent
developments, other than in its regular, quarterly earnings releases.
Suzanne DuLong, 802-882-2100
VP IR & Corporate Comm
Sarah Jarvis, 215-238-3589