Royal Cup completes acquisition of Farmer Brothers for $1.29 per share

Farmer Brothers Coffee Co. (NASDAQ: FARM) announced the completion of its acquisition by Royal Cup, with the transaction closing after stockholder approval at a special meeting held May 1.

Royal Cup acquired all outstanding shares of Farmer Brothers for $1.29 per share in cash. The Fort Worth, Texas-based coffee roaster, wholesaler and distributor will now operate as part of Royal Cup and become a private company.

As part of the transaction closing, Farmer Brothers President and Chief Executive Officer John Moore, Chief Financial Officer Vance Fisher and Vice President and General Counsel Jared Vitemb will exit the company. Royal Cup President and Chief Executive Officer Chip Wann will lead the combined entity.

"It has been an honor to lead the Farmer Brothers team over the last several years and I am extremely proud of all we were able to accomplish," Moore said in a statement. "I look forward to seeing all the combined organization will achieve in the future."

Founded in 1912, Farmer Brothers operates as a national coffee roaster, wholesaler, equipment servicer and distributor of coffee, tea and culinary products. The company serves customers ranging from independent restaurants to large institutional buyers including restaurant chains, hotels, healthcare facilities and grocery chains.

Royal Cup Coffee & Tea has manufactured and distributed coffee and tea since 1896, with operations extending throughout the United States, Mexico and the Caribbean. The company serves customers in foodservice, hospitality, office and specialty coffee markets.

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