Teavana CEO Andrew Mack in for a venti
Andrew Mack, founder and CEO of Teavana Holdings Inc., stands to have a venti sized payday after his c asics gel ompany was acquired by Starbucks Corp. for $620 million.
Mack, a former Applebee’s restaurant manager, owned 21,510,860 Teavana shares as of early Augu asics gel st. Based on Starbucks offer price of $15.50 a share, Mack stands to pocket $333,418,330.
On Wednesday, Starbucks (NASDAQ: SBUX) announced it would acquire Teavana (NYSE: TEA) in an all cash deal and nearly two hours after Atlanta Business Chronicle reported a buyout was expected.
Teavana stores sell loose leaf tea and tea related merchandise across 300 mall based stores. The acquisition would bring Starbucks into the $40 billion global tea market.
Starbucks plans to continue to grow asics gel and extend Teavana’s mall based stores and add a high profile ne asics gel ighborhood store concept that will accelerate Teavana’s domestic and global footprint, the company said.