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Farmer Bros. acquires Coffee Bean International
April 30, 2007
TORRANCE, Calif.— Farmer Bros. Co. April 30 announced it has acquired North America-based Coffee Bean International, roasters and wholesalers of specialty coffees.
Farmer Bros. paid approximately $22 million in cash under a stock purchase agreement with Coffee Bean Holding Co. Inc., the parent company of Coffee Bean Intl. Farmer Bros. also is planning additional investments in the CBI business, including improvements to the roasting plant in Portland, Ore.
"We believe CBI will help re-ignite the growth of Farmer Bros. by establishing an immediate presence in the fast-growing market for specialty coffee," said Rocky Laverty, president and chief operating officer of Farmer Bros.
Coffee Bean Intl provides unique specialty coffees to customers such as coffee houses and private-label retailers. Farmer Bros., in contrast, serves a variety of traditional coffee blends at different price points to restaurants such as independent operators and regional and franchise chains, as well as other institutional buyers such as hotels, convenience stores and hospitals.
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