By Will Feuer

Keurig Dr Pepper said it has struck a partnership with La Colombe through which the beverage giant will take a 33% stake in the maker of ready-to-drink coffee.

Keurig said it will invest $300 million in La Colombe, valuing the company at some $900 million. The deal will make Keurig La Colombe's second-largest shareholder, only behind Chairman Hamdi Ulukaya, the chief executive of yogurt maker Chobani.

The two companies have also struck a sale-and-distribution deal through which Keurig will sell and distribute La Colombe drinks across its network. Keurig will also make, sell and distribute La Colombe-branded K-cup coffee pods under a licensing agreement that covers the U.S. and Canada.

"This partnership will enable KDP to expand its reach into high growth ready-to-drink and super premium coffee segments and will meaningfully increase La Colombe's availability to consumers," Keurig Chief Executive Bob Gamgort said.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

July 20, 2023 09:25 ET (13:25 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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