By Rebekah Schouten.
NORTHLAKE, TEXAS — Farmer Bros. Co. (Farmer Brothers), a coffee roaster, wholesaler and distributor of coffee, tea and culinary products, has entered into an agreement to acquire substantially all the assets of Boyd Coffee Co. (Boyd’s) for $58.6 million. The purchase price consists of $42 million in cash plus preferred stocks. The transaction is expected to be in the fourth quarter of calendar 2017.
Founded in 1900 in Portland, Ore., Boyd’s provides coffee, tea and other beverages to restaurants, hotels and convenience stores. Boyd’s generated approximately $95 million in revenue during the previous 12-month period, with coffee accounting for 65% of its sales. Boyd’s sold about 16 million lbs of green coffee during the last year, the company said.
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