Philz Coffee has finalized a $145 million sale to private equity firm Freeman Spogli & Co., resulting in the cancellation of common stock and stock options. No layoffs or store closures will occur, and current employees will receive bonuses based on rank. CEO Mahesh Sadarangani plans to reinvest all proceeds from the sale into the company. Ten former employees will lose their stock's value due to the company's transition. Philz has previously been partially owned by private equity firms for over a decade.
Philz Coffee has sold to private equity company Freeman Spogli & Co. in a $145 million deal that cancels its common stock and stock options.
No employees will be laid off and no stores will close as part of the deal, with all current employees receiving a 'thank you bonus' based on rank.
CEO Mahesh Sadarangani will reinvest all of his proceeds from the sale into the company, although earlier documents suggested he would reinvest only a portion.
A total of 10 former employees who invested in Philz Coffee will lose the value of their stock, as confirmed by their FAQ.
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