Another San Francisco-born-and-raised coffee company has taken a big buyout. Philz Coffee will sell to Los Angeles-based private equity firm Freeman Spogli & Co. for $145 million. More troubling, employees holding common stock in the business will see their shares cancelled under the agreement. Mission Local reported the news after acquiring documents pertaining to the deal. The deal is expected to be confirmed on Friday, August 8.
The outlet has reported on Philz’s changing culture in the last five years, including when the company closed its iconic Mission District cafe. In that case, the company said the lease would not be renewed — without acknowledging that Philz’s founder owned the building where the lease was not renewed. Freeman Spogli is an investor in Popeyes and Cinnabon, alongside a roofing company and a med spa firm. The sale puts Philz in a growing pool of San Francisco coffee companies, leaving the gun and taking the cannoli. Before Philz, Sightglass in 2024 hired a former Starbucks executive, and in 2017 Blue Bottle sold majority ownership to Nestle, allegedly relies on forced child labor from contracting farms in Mali and the Ivory Coast.
An original Ferry Building restaurant closed on Thursday, July 31. Boulettes Larder was a proper flagship in the marketplace. Chef Amaryll Schwertner and partner Lori Regis ran the restaurant and its adjoining, more casual Bouli Bar. The San Francisco Standard reported the news with no reason given for shuttering. Boulettes Larder opened in 2004 when the remodeled Ferry Building opened to the public. Schwertner’s menu was beloved for its commitment to old-school farm-to-table cooking…