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Teavana to expand presence in Canada with acquisition of Teopia chain Atlanta
Atlanta -- Teavana Inc. on Monday said it will buy Canadian tea retail chain Teaopia Ltd. for $26.9 million in cash. It is Teavana's first major acquisition since it went public last year.
Teaopia operates 46 stores, primarily in high-end malls across Canada and online. Last year it generated net sales of approximately $17 million and opened 12 stores.
Teavana operates 200 company-owned stores in 39 states, including one store in Canada, and 18 franchised stores primarily in Mexico, as well as through its website.
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Retailers in Growth Mode
There’s no doubt that Canada is very much on the minds of U.S. retailers these days. As our cover story points out, Canada is attractive for a number of reasons, from its growing population to its resilient economy. But there is plenty of expansion going on here at home too. The extent of the activity is detailed in the “Spring 2012 Retailer and Restaurant Expansion Guide” from ChainLinks Retail Advisors. The comprehensive report, which details the current expansion plans for more than 2,500 U.S.