Coffee Companies Agree on Merger

Chock Full o’Nuts Corp. said it has reached a merger agreement with privately held Hillside Holding Corp., parent of Hillside Coffee, a roaster and distributor of specialty coffees.

Terms call for Chock Full o’Nuts to issue up to 800,000 shares of its common stock in the transaction. Of these shares, 550,000 cannot be sold for five years.

In addition, Chock Full o’Nuts agreed to assume Hillside’s long-term debt, estimated at $16.5 million, at completion of the transaction.

Based in the Carmel area, Hillside anticipates sales of about $20 million for the fiscal year ended March 31.