Wicked Joe Coffee Company Poised to Meet Growing Demand
Wicked Joe’s deliciously sustainable roasts are poised to meet growing demand. Global coffee consumption is expected to grow 1.2 percent over the next year starting in October, and American consumption is expected to be up 1.5 percent this year alone, reported Bloomberg. Today, Wicked Joe is available in more than 1,800 grocery stores nationwide, and the company expects to roast more than 1 million pounds of organic and fair trade certified coffee. “At Wicked Joe, we maintain the highest social, environmental, production and quality practices,” said Owner Carmen Garver. “We believe that by building a sustainable company and creating exceptional coffees using best practices, we have the greatest lasting impact on our environment and community.”
Despite its success, Wicked Joe remains highly dedicated to quality, community and sustainability. A Certified B Corp., Wicked Joe’s products are organic, fair trade and non-GMO verified. All of the company’s coffees are certified either organic or fair trade.
Wicked Joe Owners Bob and Carmen Garver also elevate social responsibility standards by visiting their global farm partners several times a year to meet with growers, build relationships and understand the company’s impact on the community. In 2016 alone, Wicked Joe Coffee contributed an additional $150,000 to partner communities.
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“This is a very exciting time to be working in coffee. There is a tremendous focus on increasing quality at every step of the supply chain,” said Bob Garver, Founder of Wicked Joe. “From farm to mill to roastery to coffeehouse, coffee professionals are experimenting with new methods of farming, processing, roasting and brewing coffees. We love everything about our lives in coffee, but working closely with our farmer partners at origin who produce our delicious coffees is absolutely one of the most joyful and meaningful things we do.”
The company offers single origin coffees such as Sumatra and Colombia Tolima as well as bold blends like Big House, Wicked French, Wicked Italian, First Tracks and more. In 2017, the company’s retail concept, Bard Coffee, in Portland, Maine, won a Good Food Award.
Farmer Brothers Announces Agreement to Acquire Boyd Coffee Company
Farmer Bros. Co. has entered into an agreement to acquire substantially all the assets of Boyd Coffee Company with a combination of cash and stock.
Overview
Boyd’s is a privately-held company in business for over 100 years with a national reputation in the coffee industry. Boyd’s business model is expected to be complementary to Farmer Brothers across customer channels, product portfolios and distribution networks, including a high-touch service model of direct-store-delivery. Boyd’s generated revenue of approximately $95 million and processed and sold about 16 million pounds of green coffee during the previous 12-month period. Boyd’s coffee sales accounted for approximately 65 percent of revenue with the remainder of revenue primarily coming from other beverages and accessories.
Farmer Bros. expects to improve overall operational efficiency by moving the production volume associated with the acquired Boyd’s business into its existing production facilities. The transition and integration of the Boyd’s business is expected to take place over the next 12-18 months.
“We believe the Boyd’s business will be an excellent strategic fit for Farmer Brothers,” said Mike Keown, Chief Executive Officer of Farmer Brothers. “We expect this acquisition will strengthen our position in the marketplace, expand our distribution footprint, and generate significant synergies.”
“We are confident Farmer Brothers is the right company to take the Boyd’s brand to the next level,” said Jeffrey Newman, Chief Executive Officer at Boyd’s. “We look forward to a smooth transition and providing the same high quality customer service that has been a hallmark of the Boyd Coffee Company for over 100 years.”
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Randy Clark, Chairman of the Board at Farmer Brothers, noted, “We believe Farmer Brothers is in a strong position to benefit from ongoing coffee industry consolidation by executing accretive acquisitions. Coming off the successful acquisitions of China Mist and West Coast Coffee, the Boyd transaction is another opportunity to advance Farmer Brothers’ long term growth plans.”
Terms of Transaction
The purchase price consists of up to $42 million in cash and 21,000 shares of a new series of preferred stock, subject to adjustments for working capital and certain hold-backs of cash and stock. As of the signing date, the preliminary estimated value of the preferred stock is $16.6 million or $789 per share, leading to an estimated value of the aggregate purchase price of $58.6 million.
Boyd’s generated revenues of approximately $95 million during the period from August 1, 2016 through July 31, 2017. Once fully integrated, Farmer Brothers currently expects the transaction to deliver between $13 to $16 million1 in annual incremental adjusted EBITDA. One-time costs associated with the transaction, including professional fees, integration expenses and employee-related fees are expected to be approximately $9 to $11 million, and capital expenditures are expected to be approximately $8 to $11 million through completion of integration, which is expected to be completed in approximately 12 to 18 months.
The transaction is expected to close in the fourth quarter of calendar 2017 (which is the second quarter of fiscal 2018 for Farmer Brothers), subject to certain closing conditions.
#SFFS17 White Coffee’s Gift Packs Perfect the Art of Giving
When the December shopping season has arrived and stressed holiday shoppers are stumped for last minute gift ideas, White Coffee is offering an array of gift packs and canisters that coffee lovers are sure to enjoy.
Visit White Coffee at booth #2136.
Four new gift packs have been created to satisfy holiday shoppers and their loved ones:
Joy – A collection of six 1.5 ounce medium roasted ground coffees including Salted Caramel, Toasted Almond, Vanilla Hazelnut, Coconut Cream, Toffee Nut and Egg Nog in a soft brick format with a silver and gold retro decorated gift box.
Christmas – Six medium roasted ground coffees highlighting flavors of the season including Hazelnut, Vanilla, Peppermint Bark, Ginger Bread, Pumpkin Spice and Chocolate Fudge, also in a 1.5-ounce soft brick format with an old fashioned gold and black presentation.
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Spirited Coffee Sampler – A collection of six flavored “spirited” coffees licensed by White Coffee, including two varieties each of Jim Beam, Tortuga® and Kahlua®, in a handy gift pack.
Two additional winter gift-giving options include White’s French Roast Coffee in a decorative canister, as well as the Medallion canister – both gourmet coffees and both come in 6-ounce sizes. Other gift options include Everyday, another 6-pack soft brick set of flavored coffees as well as a spring-decorated gift box.
