Keurig Dr Pepper has acquired 96.22% of JDE Peet’s shares and appointed a CEO of the new entity emerging from the deal, the companies jointly announced.
KDP’s board of directors has named Rafael Oliveira CEO of its coffee operating unit and CEO of the future Global Coffee Co. that will emerge following a planned business separation. As part of an integration proceeding, Oliveira will join KDP’s executive leadership team, reporting to Keurig Dr Pepper CEO Tim Cofer. In an upcoming separation initiative, Cofer will serve as CEO of the future Beverage Co. upon separation, which will operate the packaged beverages side of the business, including the Dr Pepper brand.
The new operation created by the JDE Peet’s acquisition brings together two established brands with deep category expertise and complementary capabilities in the coffee sector, the companies stated. They are moving forward with detailed integration efforts focused on operational excellence, synergy capture, leadership alignment and disciplined execution to ensure a smooth transition. As previously announced, after an interim operating period, KDP intends to separate into two independent, U.S.-listed, publicly traded companies: a North America refreshment drinks business, Beverage Co., and an international coffee enterprise, Global Coffee Co.
Oliveira will continue serving as executive director and CEO at JDE Peet’s, a role he has held since November 2024. Before that, he spent 10 years at The Kraft Heinz Co.
The business separation will occur upon achievement of key milestones, including appropriate leverage levels for each company and favorable market conditions. Although the exact timing of the tax-free spin of Global Coffee Co. is yet to be determined, expectations are for the transition to achieve operational readiness by year-end 2026.
“Our acquisition of JDE Peet’s marks a defining step in our value creation strategy, and Rafa is the right choice to lead the combined coffee business and launch Global Coffee Co.,” said KDP board chair Pam Patsley. “Our board conducted a robust and rigorous process that considered a range of internal and external candidates, and we are confident Rafa will be an exceptional leader for this new company. With proven leadership across complex global markets and a commitment to driving financial results, he has set a course for growth at JDE Peet’s. With a singular focus on coffee, the newly integrated coffee business will be poised to create value and growth opportunities for employees, partners, customers and shareholders.”
