Espresso Holding Firm and Empire Espresso Firm logos.
Staten Island, New York-based Espresso Holding Firm final week acquired all of the property of long-running private-label roaster Empire Espresso Firm for $800,000.
Made by way of a newly created Espresso Holding Co. subsidiary known as Second Empire, the acquisition consists of all of Empire’s current stock, gear, accounts, buyer record and mental property.
Negotiated between Espresso Holding Co. and a former lender to Empire, the deal was made by way of Article 9 of the Uniform Industrial Code.
A longtime inexperienced espresso provider to Empire, Texas-based Serengeti Buying and selling Co., filed a lawsuit towards Empire in July of this yr, alleging breach of contract and in search of damages of at the least $600,000 for unpaid invoices. In keeping with paperwork filed in U.S. District Courtroom, Southern District of New York (White Plains), that case is pending a settlement settlement earlier than a Justice of the Peace choose.
Roasted espresso. DCN file picture.
Empire Espresso Firm has been roasting espresso for private-label purchasers since its founding by Robert Richter, the good grandson of one in all New York’s earliest industrial espresso roasters, Leo Richter, in 1984. The corporate moved into its roughly 60,000-square-foot manufacturing headquarters in Port Chester, New York, in 1994, then extra just lately expanded into new channels beneath the management of Robert Richter’s son, Jason Richter.
“Sadly, Empire by no means totally recovered from the COVID-19 shutdowns and the modifications in client shopping for patterns that accompanied these shutdowns,” Espresso Holding Co. President and CEO Andrew Gordon mentioned in a press launch outlining the acquisition. “The truth that we have been in a position to full a transaction permitting us to function a first-class turnkey manufacturing facility the place we’re presently servicing a few of our prospects is an enormous win for us.”
In keeping with Espresso Holding Firm, Second Empire will function the previous Empire’s Port Chester roastery and enterprise, which is simply over an hour’s drive north from CHC’s headquarters in Staten Island.
CHC’s final main acquisition got here in 2018 with the possession of Wisconsin-based Steep N Brew. In 2022, CHC entered a merger and share settlement with commodities and logistics holding firm Delta Corp Holdings.
In CHC’s announcement, Gordon mentioned that the possession and operations of the Empire entities “will lead to each manufacturing and different price financial savings nearly instantly, in addition to giving us the flexibleness within the close to time period to discover larger future financial savings in our different current amenities.”
Espresso Holding Firm is publicly traded, with the NASDAQ itemizing JVA.
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Nick Brown
Nick Brown is the editor of Day by day Espresso Information by Roast Journal.
