Italian coffee group Massimo Zanetti has agreed to buy Melbourne-based company, The Bean Alliance, in a move to strengthen its presence in the Australian market.
“Australia is an interesting market with a well-established high quality coffee culture and with the preference of independent roasters,” Massimo Zanetti, the company’s chairman and CEO said.
“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, 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 also provides the opportunity to penetrate the local roasted channel with a significant growth potential.”
The Bean Alliance was founded in Melbourne in 1981 and offers the “Bean Ground and Drunk” brand, the Gravity Espresso and Ox3 for artisan coffee shops and specialty coffees and its “Indulge Your Senses” brand for drinking chocolate produced in Australia.
The Bean Alliance’s revenue reached A$24.5 million in June 2018 and normalised EBITDA was A$3 million.
Massimo Zanetti’s latest deal provides for a potential earn-out to be paid in three annual installments, starting from 31 January 2020. The deal is expected to close by the end of January 2019.
The beverage company’s latest acquisition follows other deals announced by its Italian rivals Lavazza and Illycaffe after the coffee chain Starbucks inaugurated its first outlet in Italy two months ago.
