Massimo Zanetti Beverage Group (MZBG) has agreed to acquire 100% of the share capital in Nutricafés, one of the main players in the Portuguese coffee market, for a total consideration of €74.5 million.
MZBG’s board of directors has agreed the acquisition from private equity funds managed by MCH PE and Explorer Investments.
The transaction will further reinforce its position in Portugal, where the group is already operating through its subsidiary Segafredo Zanetti Portugal and with the brand Segafredo Zanetti, controlling a total market share of 14%. In addition, following the deal, MZBG expects to realise synergies in Portugal – as well as in Spain, where the new combined organisation will serve the markets in a more competitive and effective manner.
The Nutricafés acquisition fits the group’s strategy of aiming to further develop its presence in the foodservice channel, and is expected to close by September.
It includes a production plant in Portugal, which will provide products to both the Portuguese and Spanish markets, as well Nutricafé’s two distinct coffee brands. Between Nicola Cafés and Chave D’Ouro, the Lisbon-based company covers 10,000 clients in the out-of-home channel, as well as 83% of retail chains. In the single-serve capsules compatible market the company has 37% market share, and is Portugal’s third largest coffee company, MZBG said.
Massimo Zanetti, president and CEO of Massimo Zanetti Beverage Group, commented: “I am very proud of the acquisition of these two historical brands, several hundred years old. Nicola Cafés is one of the oldest and most prestigious Portuguese coffee brand dating back to 1779. Both brands have a strong presence and awareness among consumers and with Nutricafés we will become the third largest operator in Portugal. Thanks to this acquisition, we strengthen our presence not only in Portugal but in the whole Iberian peninsula as it allows us to enter as a main player into the Spanish market. With these historical brands, we extend our range of products with a strong historical heritage and emotional value for the consumer.”
Nutricafés CEO João Dotti: “I’m very excited to join MZBG, one of the largest coffee players worldwide, a pioneer in the coffee industry sector with a long history of successful integration of new companies. Being part of this global group will benefit our brands ensuring future growth and value creation for both of us in a typical win-win strategy.”
Marco Lebre, founding partner at Explorer Investments, added: “We chose MZBG among several bidders as we are convinced that the group, thanks to its knowhow, capabilities and strong track record in the coffee industry, fits perfectly with Nutricafés’ vision and will be able to secure its future.”
And Andrés Peláez, senior partner at MCH Private Equity, continued: “Nutricafés is a clear example of a leading Portuguese company in which its strong management team has been able to implement a solid strategy, even during challenging economic circumstances. Because of this, the company was desired by the top international players in its industry, and will become the base of one of them in its expansion in the Iberia peninsula. We wish the very best to MZBG and Nutricafés in this new phase.”
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