Starbucks Coffee has agreed to acquire Bay Bread LLC (San Francisco, Calif.) and its La Boulange bakery brand for $100 million in cash from management and Next World Group. It will also hire the French baker and founder Pascal Rigo. La Boulange is known for its French pastries and breads made from scratch. “This is an investment in our core business. After more than 40 years, we will be able to say that we are bakers too,” said Howard Schultz, Starbucks chairman, president and CEO.
Rigo opened the first La Boulange store in San Francisco in 1999, living with his family above the original cafÃ© on Pine Street. Today La Boulange has 19 retail locations in the Bay Area. In 2011 Starbucks acquired the juice company Evolution Fresh for $30 million.
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