Royal Cup to acquire cold brew brand Icebox Coffee
US-based importer, roaster, and distributor of speciality coffees and teas Royal Cup has fianlised an agreement to purchase Richgood Gourmet, the manufacturer of cold-brew brand Icebox Coffee.
Icebox Coffee is a shelf-stable, cold-brew coffee that is available in ready-to-drink (RTD) and concentrate forms.
Royal Cup CEO Bill Smith said: “Richgood Gourmet perfectly complements Royal Cup in its commitment to innovation, product quality, and excellent client service.
“Combining forces to expand our cold-brew offering and improve our RTD product mix is a strategic move.”
The acquisition marks a significant development in Royal Cup’s business-to-business (B2B) model. Icebox Coffee expanded its customer base through early distribution agreements with major retailers, including Whole Foods and Central Market.
Icebox Coffee founder and former president Bebe Goodrich said: “Icebox Coffee has been on a tremendous growth trajectory over the past five years, and I’m immensely proud of the company we’ve built.
“Now is the perfect time for us to join Royal Cup to achieve even greater success. Royal Cup’s strength, scale and international footprint will ensure that we continue to deliver the best cold-brew coffees, teas and other all-natural, RTD beverages to our valued customers.”
From 2011 to 2016, the cold-brew coffee market segment increased by 580%.
Richgood Gourmet supplies shelf-stable, cold-brew coffee to large retail chains for private-label use. Upon completion of the acquisition, Goodrich will join Royal Cup as director of liquid product innovation.
Royal Cup intends to retain the full-time employees of Richgood Gourmet, and also relocate Icebox Coffee operations from Birmingham’s Innovation Depot to Royal Cup’s headquarters by the end of next year.