Caribou Coffee and Joh A Benckiser Group (JAB) have signed a definitive merger agreement under which an affiliate of JAB will acquire Caribou for $340m.

The coffee retailer will continue to operate as an independent company with its own brand and management team even after the buyout takes affect.

JAB will pay $16 per share in consideration, a 30% premium to Caribou’s Friday closing price of $12.32.

The board of Caribou Coffee unanimously approved the buyout.

Caribou president and CEO Michael Tattersfield said: "We anticipate the next chapter in Caribou’s journey will be filled with tremendous opportunities to grow this great brand, with new ownership."

JAB Group chairman Bart Becht said,"JAB is committed to investing in Caribou as a standalone business out of Minneapolis to ensure the Company continues its current highly successful track record," he added.

The group’s portfolio includes a majority stake in Peet‘s Coffee & TEA, a premier specialty coffee and tea company, and a minority investment in DE Master Blenders 1753, an international coffee and tea company.

Chicago-based merchant bank BDT Capital Partners is a minority investor in this transaction besides JAB.

Founded in 1992, Caribou operates 610 coffeehouses, including 202 franchised locations, in 22 states of the US besides 10 outlets in international locations.