One of the largest coffee companies in the United States, North Carolina-based S&D Coffee & Tea has been acquired by the Canadian beverage company Cott Corporation. The purchase price was approximately $355 million, according to a StreetInsider report.
According to an S&D announcement this morning, the company will now be a subsidiary of Cott, which is based in Canada and has a headquarters in Tampa, Fla., while the S&D management team will “assume the same scope and responsibilities.” The announcement added that S&D’s Ron Hinson will stay on as the CEO.
S&D will also remain at its Concord headquarters, where the company has in recent years invested millions of dollars in infrastructure improvements. “The company anticipates making more investments in infrastructure and the workforce as business growth demands,” this morning’s announcement read.
“We could not be more pleased by what the future holds for our stakeholders, including employees and customers, due to this new strategic combination,” said Hinson. “The synergies S&D has with Cott, whether technology, supply chain, product, distribution channels or markets, are abundantly clear.”
Founded 89 years ago and owned for decades by the Davis family, S&D has grown into one of the largest U.S. roasters and distributors of coffee products for the restaurant, hospitality, retail and grocery segments, while also providing comprehensive development and distribution services for tea and liquid extracts.