S.F.'s Philz Coffee to be purchased by private equity firm for $145 million
The firm has previously invested in food franchises Popeyes and El Pollo Loco, as well as Petco. The value of the pending transaction is $145 million, according to reports to stakeholders obtained by Mission Local, which first reported the deal on Friday.
Jacob Jabor, son of Philz founder Phil Jaber, did not respond to an inquiry from the Chronicle. Freeman Spogli could not immediately be reached for comment Friday.
The deal is reportedly expected to close on Aug. 8, and stockholders have until Aug. 5 to receive an appraisal of their shares.
Other stakeholders in the deal are investment firms Summit Partners and TPG Growth, according to Mission Local. Meanwhile, the company's common stock holders, including employees, are expected to see their stock canceled under the terms of the agreement, the outlet reported.
Phil Jabar went from owning a corner store to a venture capital-backed business raising some $75 million in funding, after launching Philz out a storefront at 24th and Folsom streets storefront in the city's Mission District more than two decades ago. That location popularized the company's distinct one-cup-at-a-time pour-over style, which is executed by baristas working at separate stations.
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