City Capital Ventures, a private investment partnership headquartered in Chicago, Illinois, has acquired a majority stake in Diedrich Roasters (Diedrich) of Ponderay, Idaho.
The Company will continue to operate independently under the leadership of current CEO Michael Paquin and his team. Financial terms of the transaction have not been disclosed.
Founded in 1980 by Stephan Diedrich, a pioneer of the specialty coffee industry, Diedrich manufactures batch coffee roasting equipment.
“I am very proud of the role Diedrich has played in the development of the specialty coffee industry into what we know it as today,” says Stephan Diedrich. “There is truly no other roaster that roasts like a Diedrich. I am looking forward to entering the next phase of my life and seeing Diedrich’s continued success.”
“This is a great company. I am proud to have been its CEO for the past four years and look forward to continuing to build upon the strong foundation established by Steve and Becky Diedrich,” says Paquin. “With their long-term minded, private family capital and thoughtful strategic approach, City Capital is an ideal partner to help us achieve the accelerated growth and long-term success that we believe is possible.”
“We are thrilled to partner with Mike and the entire Diedrich team to carry on the rich legacy started by Steve and Becky Diedrich four decades ago,” says Allen Tibshrany, Managing Director of City Capital Ventures. “We continue to be amazed with the craftsmanship of Diedrich’s roasters and the power of the Diedrich brand, both domestically and abroad, and look forward to helping this proud Idaho company attain new heights in the years ahead.”
