Massimo Zanetti Beverage Group has confirmed that its Australian subsidiary has signed an agreement to acquire 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 “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, as confirmed by the many awards and certifications obtained.
“In addition to strengthening Massimo Zanetti Beverage Group’s presence in Australia, the acquisition also provides the opportunity to penetrate the local roasted channel with a significant growth potential. This transaction is in line with our objectives envisaging the strengthening and focusing of our business on strategic markets through targeted acquisitions which integrate the organic growth of the business.”
Founded in Melbourne in 1981, The Bean Alliance enjoys a premium position and is characterized by the quality of its main brands. It is present in the Australian market mainly with the Bean Ground and Drunk brand, a winner of numerous sustainability awards, Gravity Espresso and Ox3, urban/artisan brands created to meet the needs of artisan coffee shops and the new specialty coffees. The Indulge Your Senses brand is for drinking chocolate produced in Australia.
In the fiscal year ended 30 June 2018, The Bean Alliance had revenues of A$24.5 million and normalized EBITDA was A$3.0 million. The Bean Alliance is based in Melbourne, where it has approximately 60 employees and a roasting plant.
The current management team of The Bean Alliance, including the company’s founders, will continue to lead the group. The acquisition price is A$24.0 million. The deal is expected to close by end of January 2019.