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Philz Coffee has sold to private equity company Freeman Spogli & Co. in a $145 million deal that cancels its common stock and stock options, according to a press release from the company. News of the pending deal was broken on July 31 by Mission Local .

No employees will be laid off and no stores will close as part of the deal, according to a Philz Coffee FAQ for stakeholders .

Each current Philz Coffee employee — from baristas to C-suite — will receive a “thank you bonus” as part of the deal, which will range in amount depending on employee rank.

CEO Mahesh Sadarangani will reinvest all of his proceeds from the sale into the company, acco

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