Yesterday, March 30, 2009, Green Mountain Coffee announced it’s completed purchase of Tully’s Coffee brand and wholesale coffee business from Tully’s Coffee Corporation. This plan was officially announced September 15, 2008. Before the buyout, Tully’s reported that it pursued the sale to avoid bankruptcy and cutbacks.
Tully’s retail locations will continue to operate under license and supply agreements with GMCR. The retail and international business will remain an independent company, operating under the name of TC Global, Inc., owned by its existing shareholders, and managed by its existing management team. As previously disclosed, the Company anticipates that this transaction will be neutral to slightly accretive to its earnings per share for the first twelve months of its ownership, and accretive thereafter.
What does this mean for you? You will have no trouble finding Tully’s coffees and K-Cups at your favorite single-serve store (CoffeeGIANT.com), and may even see more blends popping up from this delicious gourmet line.
