Keurig Dr Pepper Inc. has completed its acquisition of JDE Peet’s, acquiring 96.22% JDE Peet’s shares.

With this acquisition, KDP says it is bringing together strong brands, deep category expertise and complementary capabilities in coffee across JDE Peet's and KDP's Keurig business. The company is moving forward with integration efforts focused on operational excellence, synergy capture, leadership alignment and disciplined execution to ensure a seamless transition for customers, consumers and employees. 

As previously announced, after an interim operating period, KDP plans to separate into two independent, U.S.-listed publicly traded companies, creating a leader in North America's refreshment beverages market (Beverage Co.) and a global coffee powerhouse (Global Coffee Co.).

KDP has named Rafael Oliveira as CEO of its coffee operating unit and as CEO for the future Global Coffee Co. following the planned separation. During the integration period, Oliveira will join KDP's executive leadership team, reporting to Keurig Dr Pepper CEO Tim Cofer. Cofer will serve as CEO of the future Beverage Co. upon separation.

"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," says 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."

"With this complementary combination, we are uniting outstanding talent, systems and brand portfolios under a shared vision for global leadership in coffee," Cofer adds.  "Having launched a brand-led strategy at JDE Peet's that is already delivering tangible results, Rafa is uniquely positioned to set the direction for Global Coffee Co. Together, these moves are critical milestones on our path to launch winning companies in both coffee and refreshment beverages that will create shareholder value and shape their categories."

Oliveira will continue as executive director and CEO at JDE Peet's, where he has served since November 2024. Prior to JDE Peet's, he spent 10 years at The Kraft Heinz Company, where he drove growth, innovation and sustainability initiatives while serving in various executive roles, including executive vice president and president of international markets. Previously, he spent 10 years at Goldman Sachs Group in the United Kingdom and Hong Kong after starting his career in Brazil at Banco Icatu and Banco BBA-Creditanstalt.

"This is an incredible opportunity to create the future of coffee," Oliveira says. "Global Coffee Co. will aim to be the best coffee company in the world by combining global reach with local expertise to operate across all formats, segments, channels and price points. As I've gotten to know the board, Tim, and the KDP leadership team, it has only strengthened my belief in the bold vision for the new company. I'm honored and excited to work with our teams around the world as we serve consumers with the coffee experiences they love."

Separation timing will be based on the achievement of key milestones, including appropriate leverage levels at each company and supportive market conditions. Though exact timing of the tax-free spin of Global Coffee Co. is yet to be determined, key transformation workstreams are targeting operational readiness to separate by year-end 2026.