“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,” said Massimo Zanetti, chairman and CEO of the company.
“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 Bean Alliance’s “Bean Ground and Drunk” brand has won numerous sustainability awards while urban/artisan brands Gravity Espresso and Ox3 were created to meet the needs of artisan coffee shops. It also has a drinking chocolate called “Indulge Your Senses”.
In the fiscal year ended June 30, 2018, The Bean Alliance revenues reached A$24.5 million and normalised EBITDA was A$3 million. The Melbourne-based company has approximately 60 employees and a roasting plant in the city.
Massimo Zanetti said The Bean Alliance’s founders and teams will continue to lead the business to ensure operating continuity trading as “Bean Alliance Group”. The agreement provides for a potential earn-out to be paid in three annual installments, starting from 31 January 2020, should the specific annual qualitative and quantitative targets agreed be achieved.