Orrville, Ohio-based J. M. Smucker Co., makers of Folgers, has acquired privately held Rowland Coffee Roasters Inc. for $360 million in cash, according to Bloomberg reports.
Rowland, based in Miami, specializes in Hispanic coffee brands, including Cafe Bustelo and Cafe Pilon, and is a leading producer of espresso coffee in the United States. Rowland generated more than $110 million in revenue during 2010.
J.M. Smucker, which operates brands including Crisco and Dunkin Donuts coffee, said in a press release that the acquisition strengthens and broadens its U.S. retail coffee business. The company completed the deal with cash-on-hand and borrowings under an existing credit facility.
The deal includes Rowland’s manufacturing, distribution and office facility in Miami, according to Bloomberg. J.M. Smucker plans to eventually consolidate manufacturing to its existing coffee facility in New Orleans.