Atlanta -- Teavana Inc. on Monday said it will buy Canadian tea retail chain Teaopia Ltd. for $26.9 million in cash. It is Teavana's first major acquisition since it went public last year.
Teaopia operates 46 stores, primarily in high-end malls across Canada and online. Last year it generated net sales of approximately $17 million and opened 12 stores.
Teavana operates 200 company-owned stores in 39 states, including one store in Canada, and 18 franchised stores primarily in Mexico, as well as through its website.