Teavana is a specialty tea and tea accessory retailer based in Atlanta, Georgia. The company-owned stores operate in the United States, Canada, and Mexico. On December 31, 2012, Starbucks acquired Teavana for about $620 million.
Teavana was started in Atlanta, Georgia in 1997, with the opening of the first teahouse at Lenox Square. The husband and wife team that created Teavana invested their life savings into the teahouse concept after traveling abroad, noticing the gravitation of Americans towards fine wines and coffees in the United States.
In late 2012 Starbucks stated it would be paying $620 million in cash to buy Teavana Holdings Inc. Three class-action lawsuits were commenced by shareholders of Teavana concerning the Starbucks buyout; these were settled on December 14, 2012 (subject to court approval). The acquisition of Teavana by Starbucks was formally closed on December 31, 2012.
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