Sizable national coffee roaster, wholesaler, and distributor Farmer Brothers Co. has entered an agreement to purchase homegrown coffee and tea supplier Boyd’s Coffee, according to a press release. Boyd’s Coffee was founded in Portland, Oregon in 1900, making it one of the oldest coffee companies in the U.S. Established in 1912, Farmer Brothers has 115 branches and serves more than 60,000 U.S. restaurants, hotels, convenience stores, and other food and beverage businesses.
Farmer Brothers Co. acquired Boyd’s Coffee with a combination of cash and stock estimated at $58.6 million. From August 1, 2016 to July 31, 2017, Boyd’s Coffee earned revenues of close to $95 million.
Farmer Brothers plans to move production of Boyd’s products to its own facilities — a decision the company expects will lead to improved efficiency. The deal is expect to be finalized in the fourth quarter of 2017.
- Farmer Brothers Co. [Official]
- Boyd’s Coffee [Official]
- High-profile homegrown Portland coffee company to be sold [PBJ]