Philz Coffee is in the process of selling its business to private equity firm Freeman Spogli & Co. for $145 million. The deal will lead to the cancelation of common stock held by employees and payouts for board members, including founder Phil Jaber and current CEO Mahesh Sadarangani. Philz Coffee, which experienced growth through private investments, has faced recent financial challenges, leading to its exit from the Washington D.C. market and closure of its original Mission District location. The deal is expected to close on August 8.
Philz Coffee is selling its business to private equity firm Freeman Spogli & Co. for $145 million, resulting in the cancelation of common stock held by employees.
The deal will also involve payouts for board members, including founder Phil Jaber, his son Jacob Jaber, and current CEO Mahesh Sadarangani.
Philz Coffee experienced nearly a decade of growth fueled by private investment, but recent finances indicated potential troubles, leading to significant market exits.
In 2023, Philz announced it was exiting the Washington D.C. market and closed its original Mission District location due to unfavorable business conditions.
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