J.M. Smucker Completes Acquisition of Rowland Coffee Roasters
According to Bloomberg, JM Smucker Co., has completed the acquisition of Rowland Coffee Roasters Inc.’s coffee brands and business operations for $360 million. The purchase of the Miami-based seller of Hispanic brands Cafe Bustelo and Cafe Pilon will help JM Smucker of Orrville, Ohio, expand its coffee business in the northeast of the U.S. and southern Florida, where Rowland Coffee’s distribution channels are concentrated. Rowland Coffee is the first company that JM Smucker acquired since it bought Folgers Coffee Co. from Procter & Gamble Co. in 2008, according to a filing with the Security and Exchange Commission. JM Smucker, led by Co-Chief Executive Officers Timothy Smucker and Richard Smucker, gained 30 percent in the past year, compared with 17 percent for the Standard & Poor’s 500 Index.