Starbucks Purchases Evolution Fresh for $30M
Seattle-based Starbucks has announced this week that it has acquired the California-based juice company, Evolution Fresh, Inc. for $30 million in an effort to expand into the juice market, according to the Puget Sound Business Journal.
According to the Associated Press, Starbuck’s CEO Howard Schultz says, “We are not just acquiring a juice company, we are using this acquisition to position ourselves, in a broad way, to build a multibillion health and wellness business over time.”
The Associated Press also reports that Starbucks will launch on the West Coast with new juice cafés that will be approximately the size of traditional Starbucks cafés. And Starbucks plans to upgrade some of its existing stores to make room for the Evolution products and distribute Evolution’s products to other retailers.