Peet's remains strong in more than 100 countries serving about 130 billion cups of coffee or tea a year, the company says. Total revenue for the Peet's group of brands generated $7.5 billion in fiscal year 2019. The original Peet's coffee was founded in 1966 by Alfred Peet. JAB Holding bought the company in 2012. "We believe JDE Peet's is well-positioned for growth and we look forward to attracting new shareholders who can participate in our exciting future," JDE Peet's chief executive Casey Keller said in a statement before the offering. "The coffee and tea categories have benefited in the past from attractive growth fundamentals and have proven to be resilient in times of economic downturn." After the IPO, Keller added that "seeing the investor interest in JDE Peet's reinforces the belief in our strategy and solidifies our role as a global leader in coffee and tea."