According to a partnership agreement that took effect earlier this week, 30-year-old German green coffee trader Hamburg Coffee Company (HACOFCO) has become the majority stakeholder of San Diego-based importer and green seller Intercontinental Coffee Trading (ICT).
Lisa Colon, who founded ICT in 2009, said the company will work as a North American specialty-coffee-focused arm of HACOFCO, which also founded the American Coffee Corporation (AMCOF) in Jersey City, N.J., in 1992, and currently trades some 3 million bags of coffee per year, according to an announcement made by ICT today.
“ICT’s focus on specialty coffee will fit synergistically with AMCOF’s wealth of experience and success in commercial and high-end coffees, allowing both companies to expand and grow their customer base in North America,” the company said in the announcement.
Added Colon, “I believe strongly that this new partnership will provide ICT with the resources to continue our focus on growth, sustainability and delivering excellent customer service to our clients nationwide.”
ICT will continue to operate under its brand name, while CEO Colon and VP Jason Remmer will serve as managing partners from the San Diego office. The financial terms of the merger were not disclosed, although an ICT representative has confirmed with Daily Coffee News that the Dutch trading company Daarnhouwer & Co., which had held a majority stake in ICT since 2011, has sold its stake to HACOFCO.