A Berkeley-based coffee distributor has decided not to acquire a 66% stake in Irvine’s Diedrich Coffee Inc.
Coffee Pacifica Inc. said Monday it told Diedrich it’s not proceeding with an offer to buy 3 million shares and take a majority stake in the company.
In June, Coffee Pacifica said it intended to acquire the majority stake in Diedrich.
Coffee Pacifica didn’t give a reason for backing out but said it “continues to evaluate other suitable acquisition targets that meet exacting standards of roasting coffees and supplying coffee on a ‘growers direct’ basis.”
The company acquires coffee directly from growers in Jamaica, Ethiopia, Papua New Guinea and other places.
Last year, Diedrich sold its coffeehouses to Starbucks Corp. to focus on selling coffee to restaurants, specialty stores and other customers.
