At Caravela, we deeply value the role of journalism in advancing transparency and fostering informed dialogue in the specialty coffee industry. However, we feel compelled to respond publicly to two recent Coffee Intelligence articles— “Private equity is reshaping the coffee sector”?(June 3, 2025) and?“Boutique green coffee traders are feeling the squeeze”?(June 10, 2025)—which contained factual inaccuracies and misleading implications about our company.
While Coffee Intelligence has since amended both articles by removing references to Caravela and publishing a clarification, we believe that silent corrections are not enough. As a company guided by transparency and long-term integrity, we owe it to our stakeholders to clarify the record and contribute constructively to a more accurate and responsible industry narrative.
Mischaracterization of Our Operational Model
The June 10 article inaccurately stated that Caravela had “restructured under new leadership.” This is factually incorrect.
We have not undergone a restructuring in the traditional sense, nor has there been any change in leadership. Our founders,?Giancarlo Ghiretti?(CFO) and?Alejandro Cadena?(CEO), continue to lead Caravela, just as they have since our founding.
What did change, beginning in late 2023, was our internal way of working. We transitioned from a hierarchical and siloed model—where each of our 12 operating entities had separate management—to a unified, function-based structure guided by self-management principles. This shift empowers our team to make decisions more autonomously, breaks down barriers across countries and functions, and enhances agility across our seven export and five import operations. None of these operations have closed or downsized.
This evolution was?strategic and values-driven, designed to adapt to an increasingly complex and volatile global environment—not prompted by financial hardship or a leadership shakeup. Framing it otherwise misrepresents both our intent and our innovation.
Incorrect Implications About Financial Health
The June 10 article also broadly implies that small- and mid-sized traders like Caravela are experiencing financial difficulty. This does not reflect our reality.
Caravela remains on solid financial footing:
· We have fulfilled 100% of our customer contracts with zero defaults.
· We are well-capitalized, with low leverage and robust credit lines from reputable financial partners.
· We continue to pay premium prices to producers, despite market volatility.
· We’ve made significant investments at origin, including two new, state-of-the-art dry mills in Mexico and Guatemala—both financed through local banks, a clear sign of our stability and credibility.
We are not only financially healthy—we are evolving, innovating, and investing in the future of specialty coffee.
Misleading Reference to Oikocredit’s Involvement
In the June 3 article, Coffee Intelligence wrote: “Oikocredit recently announced a US$4.7 million investment in Caravela Coffee.”
This is?factually inaccurate. In 2019, Oikocredit acquired a minority equity stake from Annona Sustainable Investments in a?secondary transaction. This was not a new capital injection, nor was it related to any financial distress.
Furthermore, the suggestion that investment by mission-aligned organizations like Oikocredit and Annona compromises values or product quality is misleading and unfair. These organizations support Caravela because of—not in spite of—our unwavering commitment to transparency, traceability, and sustainability.
A Call for Responsible Journalism
We regret that no one from Coffee Intelligence contacted Caravela for comment or fact-checking prior to publication. In a specialized industry where reputations are built over decades and trust is paramount, accuracy matters. Misrepresentations can cause reputational damage not only to companies, but to the producers and communities they support. As Caravela celebrates 25 years of purpose-driven work, we remain committed to delivering fully traceable, high-quality coffee while building long-term, transparent partnerships with roasters and producers.
We call on all media covering the coffee industry—including Coffee Intelligence and PDG—to prioritize due diligence, fact-checking, and direct engagement with companies when reporting. Our shared responsibility is to uphold the integrity of this community.
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For further inquiries, please contact:?
Nicole Freydell
Brand Business Leader at Caravela Coffee
nicole.freydell@caravela.coffee