Best Cheese Corporation, importer and distributor of Dutch cheese brands and owner of Artisanal Coach Farm, has announced that Tara Kirch has rejoined the company as Senior Director of Marketing. With Kirch’s return, LeeMarie McGuigan assumes all supply chain and customer service responsibility for the total company with the title of Senior Director of Supply Chain & Customer Service.
Best Cheese, a full subsidiary of Best Cheese Global Inc. (BCG) based in the Netherlands, markets and sells cheese and dairy products under brand names as Parrano, Uniekaas, Coach Farm and Melkbus. It is based in Purchase, New York, and operates an artisanal goat farm in Hudson Valley, New York.
Kirch has spent over a decade in advertising and marketing on consumer packaged goods and specialty food brands. She most recently served as brand manager at Harvest Hill Beverage Company, a Brynwood Partners VII L.P. company. Before joining Harvest Hill, Kirch served as brand manager of pladisNA a subsidiary of pladis global. Prior to three years with pladisNA, Kirch led the marketing for Best Cheese Corporation.
“I am excited to rejoin Best Cheese Corporation and the dairy industry,” Kirch said. “I am looking forward to adding focus and expansion to our current brands and building new brands to deliver on the demand of innovative specialty cheeses in the United States.”
Back to school signifies a busy time in many households, but can also be a welcome return to routine and organized schedules. One such routine is packing school lunches and making sure kids have healthy and nutritious lunches and snacks to see them through the long school day and extracurricular activities.
Barney Butter, the family-owned almond butter brand, has a number of flavorsome, energy-filled, gluten-free, allergy-friendly and 100 percent peanut-free snacks in its product line up that are ideal for back to school. Importantly, Barney Butter is non-GMO verified and doesn’t just use non-GMO ingredients, but ones that are organic and fair trade when possible.
Parents can stock up on over seven different flavors of Barney Butter, including Smooth, Crunchy, Honey + Flax, Raw + Chia, Cocoa + Coconut, as well as Bare Smooth and Bare Crunch that have no added sugar or salt. These are great mainstays to have on hand for sandwiches, including banana sandwiches.
The almond butter “Dip Cups” are designed as grab-and-go snacks. The 1-ounce Dip Cups come in foil-sealed cups, packaged in six-count caddies, and perfect for active families and school lunches. They’re available in five of Barney Butter’s most popular flavors, including salt-and-sugar-free Bare.
Snack packs are another perfect grab-and-go snack. The .6-ounce packs are available in 24 count or 6 count and will easily fit into a lunchbox or even pocket for busy kids on the go.
Parents can also buy 16-ounce bags of Barney Butter’s unsalted Blanched & Roasted Almonds and separate into little bags as a healthy and nutritious snack.
President & CEO of Barney Butter, Dawn Kelley, remarked on how Barney Butter and its range of grab-and-go snacks fit the needs of the brand’s core group of consumers, many of whom are parents: “As busy, working parents ourselves, Steve and I always try to make sure our kids eat healthily and have enough energy to make it through the school day. That’s why our Dip Cups, Snack Packs and Almonds are ideal lunchbox additions, while a selection of Barney Butter flavors are great staples to keep in the home for making lunches or a quick snack after school.”
Farmer Bros. Co. has entered into an agreement to acquire substantially all the assets of Boyd Coffee Company with a combination of cash and stock.
Boyd’s is a privately-held company in business for over 100 years with a national reputation in the coffee industry. Boyd’s business model is expected to be complementary to Farmer Brothers across customer channels, product portfolios and distribution networks, including a high-touch service model of direct-store-delivery. Boyd’s generated revenue of approximately $95 million and processed and sold about 16 million pounds of green coffee during the previous 12-month period. Boyd’s coffee sales accounted for approximately 65 percent of revenue with the remainder of revenue primarily coming from other beverages and accessories.
Farmer Bros. expects to improve overall operational efficiency by moving the production volume associated with the acquired Boyd’s business into its existing production facilities. The transition and integration of the Boyd’s business is expected to take place over the next 12-18 months.
“We believe the Boyd’s business will be an excellent strategic fit for Farmer Brothers,” said Mike Keown, Chief Executive Officer of Farmer Brothers. “We expect this acquisition will strengthen our position in the marketplace, expand our distribution footprint, and generate significant synergies.”
“We are confident Farmer Brothers is the right company to take the Boyd’s brand to the next level,” said Jeffrey Newman, Chief Executive Officer at Boyd’s. “We look forward to a smooth transition and providing the same high quality customer service that has been a hallmark of the Boyd Coffee Company for over 100 years.”
Randy Clark, Chairman of the Board at Farmer Brothers, noted, “We believe Farmer Brothers is in a strong position to benefit from ongoing coffee industry consolidation by executing accretive acquisitions. Coming off the successful acquisitions of China Mist and West Coast Coffee, the Boyd transaction is another opportunity to advance Farmer Brothers’ long term growth plans.”
Terms of Transaction
The purchase price consists of up to $42 million in cash and 21,000 shares of a new series of preferred stock, subject to adjustments for working capital and certain hold-backs of cash and stock. As of the signing date, the preliminary estimated value of the preferred stock is $16.6 million or $789 per share, leading to an estimated value of the aggregate purchase price of $58.6 million.
Boyd’s generated revenues of approximately $95 million during the period from August 1, 2016 through July 31, 2017. Once fully integrated, Farmer Brothers currently expects the transaction to deliver between $13 to $16 million1 in annual incremental adjusted EBITDA. One-time costs associated with the transaction, including professional fees, integration expenses and employee-related fees are expected to be approximately $9 to $11 million, and capital expenditures are expected to be approximately $8 to $11 million through completion of integration, which is expected to be completed in approximately 12 to 18 months.
The transaction is expected to close in the fourth quarter of calendar 2017 (which is the second quarter of fiscal 2018 for Farmer Brothers), subject to certain closing conditions.