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Nestle is set to brew some high-end coffee after purchasing a major stake in Blue Bottle

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Switzerland-based company Nestle has bought a majority stake in Blue Bottle Coffee.

Nestle announced it had purchased 68 percent of Blue Bottle on Thursday without disclosing the financial terms of the deal.

Business Insider reported that they spent up to $500 million for the stake.

The California-based coffee company specializes in serving single-origin, cold-brewed coffee.

The coffee company was founded in Oakland, Cali and prides itself in serving coffee within 48 hours of roasting it.

"My goal as CEO has been to secure a sustainable future for Blue Bottle Coffee that would enable it to flourish for many years to come," Blue Bottle Coffee CEO Bryan Meehan said in a statement. "I'm excited to work with Nestlé to take a long-term approach to becoming a global leader in specialty coffee."

Blue Bottle currently has 50 locations throughout the United States and abroad.

In a joint statement, Blue Bottle said it plans to open 55 stores by the end of the year.

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Some of the other company's who have invested in Blue Bottle include Morgan Stanley, Fidelity Management and Research, and True Ventures.

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