The addition of Mighty Leaf Tea marks another important step in Peet's growth. Peet's began its biggest U.S. retail coffee shop expansion ever last year, which will add nearly 60 stores by the end of this year.
Sahale's net sales are projected to be approximately $50 million for the 2014 calendar year, primarily in the club, convenience, and grocery retail channels.
The company will sell or exit 90 to 100 brands in a bold attempt to refocus the business on 70 to 80 remaining best-selling brand names. "Less will be much more," CEO A.G. Lafley told analysts.
Mars will also exercise the option to purchase P&G's pet food business in more regions to reinforce the company's strategic intent to build its presence in emerging markets.
