Multinational consumer goods company Unilever has entered into a definitive agreement to buy Australian tea business T2 for an undisclosed amount.
Unilever, which already owns brands like Lipton – one of the company’s ‘billion-plus’ brands – will be adding T2 to its existing tea business.
“Our Lipton and Bushells brands are two of Australia’s oldest and best-loved tea brands and tea is a strategically important category for Unilever Australia,” Clive Stiff, Unilever Australasia chairman, said.
“We know tea drinkers are increasingly looking for new and diverse tea flavours, so we are delighted to be bringing T2’s premium and exciting range into the fold. T2 is a great Australian success story – a story that we now intend to continue with Unilever.”
The current T2 business operates 40 stores and its range of fragrant teas and tea wares from around the world are also sold through some of the best restaurants in the country. It generated sales approaching $57 million for the 12 month period ending 30 June 2013.
“We are delighted that we have found a home for T2 that has such a depth of knowledge of tea and has pioneered sustainability in the industry,” T2 founder and managing director Maryanne Shearer said, who will continue to see the business through as part of the acquisition.
The acquisition is subject to customary closing conditions.