October 10, 2017
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Boyd Coffee Company, Inc. (“Boyd’s Coffee”), the oldest continuously operating, family-owned coffee company in the United States, in its acquisition by Farmer Brothers Co. (NASDAQ: FARM). The $63 million transaction value includes cash and preferred stock.
Founded in 1900 and based in Portland, Oregon, Boyd’s Coffee is a multi-generational family-owned roaster, wholesaler and distributor of coffee and related products nationwide. For over 100 years, the company has been building its brand of innovative, high-quality coffee products coupled with exceptional customer service and best-in-class production and distribution capabilities.
Farmer Brothers, a listed coffee, tea and culinary products company based in Northlake, Texas, is one of the nation’s largest roasters, manufacturers, wholesalers and distributors of branded and private label coffees and teas. The acquisition of Boyd’s Coffee will enhance and expand Farmer Brothers’ customer relationships, product offerings and distribution channels, while also providing significant manufacturing synergies over the longer term.
“Farmer Brothers’ acquisition of Boyd’s Coffee is the rare kind of transaction that is uniquely transformative for both organizations,” said John Siegler, Managing Director at Cascadia Capital. “This acquisition further validates the consolidation occurring within the coffee industry and positions the combined company to be an industry leader for years to come. Boyd’s brand recognition, experienced management team and unique customer relationships will accelerate Farmer Brothers’ growth strategy.”
“Cascadia’s diligence, tenacity and professionalism throughout the entire process was instrumental in guiding our team through this daunting undertaking,” said Jeffrey Newman, CEO of Boyd’s Coffee. “We absolutely could not have done this without them, nor could we have expected the degree of results they were able to achieve.”
The sale of Boyd’s Coffee follows four recent transactions in the Food & Beverage sector completed by Cascadia’s Consumer & Retail team in the past year, including the growth financing of Humm Kombucha and the sales of Bubbies Mochi Ice Cream, Cold Spring Brewing and Tillamook Country Smoker.
The Food & Beverage sector is among the most dynamic segments in the capital markets. Read more about the trends we are seeing in Cascadia’s recently released Food & Beverage Industry Report.
For more information about this transaction, please contact the Cascadia Capital Consumer & Retail team:
John C. Siegler
Senior Vice President