Germany’s billionaire Reimann family on Monday said it will buy coffee capsule maker Keurig Green Mountain coffee for $13.9 billion to create the world’s second-largest coffee maker.
The Reimanns are scions of a German chemical industry fortune, who expanded the group over the last two decades into coffee and fashion brands such as Bally and Jimmy Choo.
Known as reclusive, the Austrian and German billionaires run a holding company called JAB that is located in Austria.
JAB, which stands for Joh. A. Benckiser, the 19th century founder of what became a chemical industry empire, is worth €17.6 billion, up €3.6 billion this year, according to Manager-Magazin, a German business publication.
JAB already owns coffee brands such as Jacobs, Senseo and Tassimo. The purchase of Keurig, a specialty coffee and coffee machine maker, is a joint venture with investors who are also already involved in Jacobs Douwe Egberts coffee company. Among the backers is Mondelez International, the U.S. food group formerly known as Kraft Foods and owner of brands such as Cadbury chocolate and Trident toothpaste.