Teavana Holdings, Inc. (NYSE: TEA) is making an acquisition and it appears to be a smart move. Rather than taking the slow build out approach, the company is paying $26.9 million to acquire the assets of Teaopia. This is the right fit as Teaopia is a mall-based specialty tea retailer in Canada. This is a direct fit for Teavana.
Teaopia was founded in 2005 in Canada and it operates 46 company-owned stores located primarily in high-end malls across Canada. The company generated sales of $17 million Canadian Dollars in 2011 and it opened 12 new stores last year.
Teavana currently has over 200 company-owned stores. The company reported net sales rose to $168.1 million this last year from $124.7 million the prior year. This will drive the store count up considerably, but will decrease the per-store sales.
Teavana currently has over 200 company-owned stores. The company reported net sales rose to $168.1 million this last year from $124.7 million the prior year. This will drive the store count up considerably, but will decrease the per-store sales.
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