Food Industry
Industry: Email Alert RSS FeedProcter & Gamble to purchase Brothers coffee line.(Brothers Gourmet Coffees Inc)
Tea & Coffee Trade Journal, May, 1999
Procter & Gamble has reached an agreement to purchase assets of Brothers Gourmet Coffees, Inc. of Boca Raton, Florida, for $22.8 million - $21.5 million cash, plus $1.3 million of Brothers' liabilities. Brothers filed for Chapter 11 bankruptcy protection and is expected to close about April 30, 1999, subject to bankruptcy court and regulatory (anti-trust) approvals.
The purchase includes portions of Brothers' inventory, accounts receivable, in-store equipment and other contracts. Brothers also has an additional supply agreement to roast, package, and ship coffee to P&G for up to one year. Brothers' plant site in Houston, Texas, and its headquarters in Boca Raton, Florida, are not included in the purchase.
As part of the transaction, P&G has agreed...
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