MZB Group acquires Boncafe Group in $85m deal
Purchase will reinforce MZB Group's presence in Middle East and Asia
The Massimo Zanetti Beverage Group (MZB Group) has purchased the entire share capital of Boncafé Group, the gourmet coffee and coffee machine equipment specialist that has a strong presence in the Middle East.
The deal, worth a total value of US $85 million, includes the acquisition of the Boncafé roasting plants in Thailand and Singapore.
MZB Group already owns international brands such as Segafredo Zanetti, Chock full o'Nuts, Kauai and Hill Bros (USA) and Meira (Finland) and believes the acquisition will help to reinforce its presence in the Middle East and Southeast Asia, with a particular focus on Indonesia, Vietnam, Cambodia, Singapore, Thailand, Malaysia, Hong Kong and the UAE.
"With this acquisition, our group will have the opportunity for further expansion in the Asian market, ensuring our production and distribution capacity is sufficient to meet the growing demand for coffee in the area,” said MZB Group president Massimo Zanetti.
“The integration of the Boncafé brand within the MZB Group will follow the criteria that have characterised our operations in the past, without making drastic changes to the successful business model and without changing its brand name, which is already well known in the region nor the top-notch management and workforce."
Established 50 years ago and with an EBITDA of US $7 million in 2013, Boncafé Group’s integration into MZB Group’s will guarantee the company an industrial partner in all areas of coffee production.
It will also have a financial partner that can support it and increase its presence in relevant markets, whilst also taking advantage of the opportunities offered by the new regulations in the ASEAN Free Trade Area (AFTA), effective from 1 January 2016.