Gloria Jean’s acquisition date set for June 12

Irvine, Calif. Diedrich Coffee and Praise International North America announced Friday that they have set June 12, as the closing date for the sale of Diedrich Coffee's Gloria Jean's Coffees domestic franchise operations.

On March 27, Diedrich had announced it would sell the domestic franchise operations to Praise International, an affiliate of Gloria Jean’s.

Gloria Jean's Coffees International currently holds the rights to the Gloria Jean's Coffees brand outside of the United States and Puerto Rico. 

The sale of the domestic franchise operations includes 102 franchise and company-operated locations across 24 states.

Purchase price is approximately $3.1 million and includes a five-year agreement for roasting services provided by Diedrich Coffee. The terms of the transaction also grant Diedrich Coffee the rights to use the Gloria Jean's Coffee brand names in perpetuity for various wholesale business channels and the Keurig K-Cup product lines.

Diedrich’s three brands are Diedrich Coffee, Gloria Jean's Coffees and Coffee People.