Commodities financial services giant StoneX Group has acquired Seattle-based Mercon Specialty, the United States green coffee trading subsidiary of the The Netherlands-based Mercon Coffee Group.
The acquisition comes approximately six months after Mercon Coffee Group filed for Chapter 11 bankruptcy and was subsequently allowed to remain in business in order to sell assets and pay off creditors.
The final cash amount of the Mercon Specialty acquisition is approximately $5.4 million, according to a court approval dated May 30.
The publicly traded StoneX Group (formerly INTL FCStone) unveiled the StoneX Specialty Coffee brand yesterday, acknowledging existing key staff members in Seattle, including Sales and Operations Director Jolene Zehnder and Green Coffee Quality Manager Neil Oney.
“As a part of StoneX Group, StoneX Specialty Coffee is backed by one of the world’s leading financial service networks specializing in physical commodities, with deep expertise in global logistics and broad experience in global commodity markets,” the company said on LinkedIn. “Headquartered in Seattle, our team boasts decades of experience in the specialty green coffee industry, and a robust network of strategic connections in over 20 countries. Our mission is to empower independent roasters by sourcing and delivering the world’s finest coffees.”
Mercon Coffee Group launched Mercon Specialty under the name Novus Coffee Imports in 2019 before rebranding as Mercon Specialty a year later.
Mercon Assets in Vietnam
Bloomberg reported yesterday that multinational green coffee trader Sucafina intends to purchase Mercon Coffee Group business assets in Vietnam, the world’s top robusta-producing country.
The report follows a May 10 New York Bankruptcy Court order authorizing the private sale of Mercafe Vietnam Ltd. The estimated cash amount of the proposed deal was not disclosed.
Sucafina acquired U.S.-based green coffee trader Sustainable Harvest last year, and the Switzerland-based multinational coffee company also recently opened a branch in Guatemala and a state-of-the-art wet mill in Yunnan, China.
[Disclosure: Sucafina and StoneX currently have advertising relationships with Daily Coffee News.]
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Nick Brown Nick Brown is the editor of Daily Coffee News by Roast Magazine.
