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The specialty coffee holding company FairWave has continued its expansion across the U.S. by acquiring North Carolina-based Black & White Coffee Roasters.
FairWave, a private equity-backed “collective” based in Kansas City, has acquired numerous specialty coffee companies throughout the Midwest since its founding in 2020. FairWave has 11 other coffee brands under its umbrella, including Missouri’s Messenger Coffee, Minnesota’s Spyhouse Coffee, and Maryland’s Ceremony Coffee Roasters.
Black & White was founded by U.S. Barista Champions Lem Butler and Kyle Ramage in 2017. The brand has grown to include two cafes and a production roastery in Raleigh. Black & White was a finalist in 2023 for Notable Roaster from Sprudge and has been a favorite amongst coffee professionals for its expansive menu of experimentally processed coffees.
Ramage will stay on with Black & White. He called the acquisition “a natural progression that will allow us to build upon our existing foundation and reach new heights” in a press release.
Butler will leave the company “but will remain committed to fostering meaningful and ethical contributions to the specialty coffee industry,” according to the press release.
“We are thrilled to welcome Black & White Coffee Roasters to the FairWave Collective,” said Isaac Hodges, FairWave’s president of growth. “Their innovative approach and dedication to pushing the boundaries of specialty coffee align perfectly with our vision.”
Venture capital and private equity firms have made significant investments in the specialty coffee industry over the past decade. Coffee startups raised $600 million of venture capital funding in just the first seven months of 2018, while private equity firms, which usually invest in more established brands, have also increasingly become involved in the coffee space.
These investments can help companies expand and consolidate, but there have been numerous examples of things going wrong—and workers are particularly at risk when they do.
Read the full story from World Coffee Portal here.
