Freeman Spogli & Co. is acquiring Philz Coffee for $145 million, with the deal expected to finalize by Aug. 8. Current stockholders have until Aug. 5 to request an appraisal of their shares. Board members and executives are set to receive bonuses, while common stockholders will get nothing, rendering their shares valueless. Philz Coffee has over 70 locations in the U.S. and has shifted from a close-knit culture to a more purpose-driven approach, especially after private equity investments began in the last five years. The original Mission District cafe closed in 2023, and the corporate headquarters moved to Oakland in 2024.
"It was becoming less of a personality place, more of a purpose place," former Philz wholesaler Mike Dalla said. "It's no longer like a treat or destination thing."
Current stockholders have until Aug. 5 to request an appraisal of their shares, but common stockholders will receive nothing from the Philz Coffee deal.
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