J.M. Smucker Co. has paid $360 million for Rowland Coffee Roasters, the
South Florida Business Journal
reported.
Rowland, a family company based in Miami, makes Café Pilon, Café Bustelo, Café Oquendo, Medaglia d’Oro, El Pico and other brands.
Rowland’s revenue for 2010 was more than $110 million; the journal cited a news release saying it is the largest U.S. coffee company marketing to Hispanics.
The report says Smucker plans to close Rowland’s manufacturing, distribution and office facility in Miami and will consolidate manufacturing into a plant it already operates in New Orleans.
The journal’s report noted:
The architect of Rowland’s growth was Jose A. Souto, who restarted the family’s coffee business in Miami after Fidel Castro came to power in Cuba. The company had roots going back to 1865 in the island nation.
Soto acquired Café Pilon in either 1967 or 1968, according to varying news accounts, from a family named Rowland. The company went on to acquire the Café Bustelo, Café Oquendo, Medaglio d’Oro and El Pico brands.
J.M. Smucker, also a family company, already markets the Folgers and Dunkin’ Donuts coffee brands, the article said. It completed the deal with cash on hand and borrowings under its existing credit facility, according to the report. (Source:
South Florida Business Journal,
May 18, 2011.)
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