The acquisition price is AUD 24.0 million with net financial position equal to zero
Massimo Zanetti Beverage Group has announced that, its Australian subsidiary has finalized the acquisition of the business and the assets of a group of companies known as “The Bean Alliance”, thus strengthening its presence in the Australian market.
Massimo Zanetti, the group’s chairman and chief executive officer, said: “We are very satisfied with this deal: Australia is an interesting market with a well-established high quality coffee culture and with the preference of independent roasters. The Bean Alliance, which has been active in the Australian market for over 35 years, was able to create premium brands that stood out for product innovation, in particular in the local roasted growing channel, and for the sustainability project, as confirmed by the many awards and certifications obtained. In addition to strengthening Massimo Zanetti Beverage Group’s presence in Australia, The Bean Alliance’s acquisition opens up an additional development opportunity in the APAC market.”
The acquisition price is AUD 24.0 million with net financial position equal to zero. Furthermore, the agreement provides for a potential earn-out to be paid in three annual instalments, starting from 31 January 2020, should the specific annual qualitative and quantitative targets agreed be achieved.