Reily Foods Co. based in New Orleans, La., announced the acquisition of the New England Tea & Coffee Co. based in Malden, Mass., one of the country's largest independent coffee roasters. Terms of the transaction were not disclosed.
This transaction is not expected to change the day-to-day operations of the New England Tea & Coffee Co., which will operate as New England Tea & Coffee Co., LLC, a subsidiary of Reily Foods Co. All production and distribution activities of New England Coffee will continue as usual, and no employee changes are expected.
New England Coffee is a leading marketer of bagged coffees, flavored coffees and has one of the fastest growing single pod coffees on the market, according to the release.
"New England Coffee and Reily Foods are both multi-generation, family-owned companies with many shared values," said David Darragh, president and chief executive officer of Reily Foods, in a prepared statement. "Both companies are passionate about producing great coffee, providing superior customer service and consumer value, and opportunities for its employees. New England Coffee enjoys a strong, well-earned reputation in the industry. We look forward to working with all of the New England Coffee Co. employees to achieve strong growth and expanded opportunities."
New England Coffee's five shareholders include James M. Kaloyanides, John C. Kaloyanides, Michael Kaloyanides, Stephen Kaloyanides, Jr. and James Dostou, all of whom will leave participation in the day-to-day operations of the company, although James Kaloyanides will continue to represent the company's coffee interests to the National Coffee Association.
"We are confident that this transaction positions New England Coffee, our employees and customers exceptionally well for the future," said James Kaloyanides. "David Darragh and the Reily team are in a position to take our company to heights we could not have imagined before."
New England Coffee adds to Reily Foods' already considerable roasting capacity and packaging capabilities, creating a network of three strategically located roasting facilities.