Paul Delima Coffee

Drescher Management Group Acquires Paul deLima Coffee
Updated Wednesday 04 August, 2004
SYRACUSE, NEW YORK - Paul deLima Coffee, the largest coffee roaster in Upstate New York, announced that it has been acquired by the Drescher Management Group, Inc. The transaction is expected to close by the end of August. Paul deLima Coffee will become a wholly owned subsidiary of Drescher Management Group, Inc. and will continue to be headquartered in Syracuse, New York. The current management team will remain in place and business operations will continue as usual.

Drescher Management Group, Inc. is a private equity firm headquartered in Syracuse, New York owned by the Drescher family. The Drescher's formerly owned and operated the Drescher Corporation, a national Foodservice Redistribution Company. The Drescher Corporation was sold to Clayton, Dublier & Rice in April 2000. Paul W. deLima, Jr., will remain C.E.O. of the family business founded by his grandfather and headquartered in Syracuse since 1916. Mr. deLima stated that "Paul deLima Coffee will continue to operate as an independent, autonomous company headquartered in Central New York. Our company and our employees will benefit from the new resources and experience provided by the Dreschers."

W.J. Drescher, Jr., President of Drescher Management Group, Inc. commented that "the combination of Drescher's and deLima’s successful operations will present exciting opportunities for our company and our employees. We believe there is an excellent possibility for expansion of the customer base in the future."

Mr. deLima also noted that this new relationship is a good blend of very similar corporate cultures: privately held, Central New York based, success oriented, quality driven, and community supportive. We are pleased that our "new relationship" recognizes the heritage of Paul deLima Coffee and adds significant new benefits.

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