Autocrat sold to British tea company

Autocrat sold to British tea company

LINCOLN - It's known for its Rhode Island-style coffee syrup, but now a British firm owns it.

Autocrat has been purchased by James Finlay Limited for an undisclosed amount of money.

Autocrat, which is headquartered in Lincoln, is a leader in coffee extracts. Finlays is known for its tea supply chain.

Both businesses have been operating for more than 100 years.

Said Ron Mathison, Finlay's Group Managing director, "This acquisition demonstrates our willingness to invest in businesses that can help fuel profitable growth and broaden our existing tea extracts business in North America.

Finlays is already a major player in the UK roast and ground coffee market and there are some obvious synergies between tea and coffee extracts around customers and product development."

Mathison says the acquisition will double the size of Finlays in the United States.

A spokesperson for Autocrat says there will be no job losses as a result of the acquisition.