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Philz Coffee close to closing deal to sell to private equity firm for $145M
Employee stocks will be canceled as part of the deal; former employees point to culture change across Philz Coffee.
Los Angeles-based private equity firm Freeman Spogli & Co. is in the process of buying Philz Coffee for $145 million, according to documents shared with stockholders and obtained by Mission Local. That’s really what it is,” said one former employee, referencing a history of private equity and venture capital infusing the company with money when it was running low. Philz was first approached by buyers in December 2024, but Freeman Spogli did not enter the mix until April of this year, according to the notice sent to stockholders.
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