Swedish coffee shop chain Espresso House has been sold to private investment company JAB Holding Company as part of a deal thought to be worth NOK 2.2bn ($280m).
JAB has acquired the retailer, which operates a store in Oslo as well as more than 40 locations across Sweden, from Norway-based private equity firm Herkules Capital. DE Master Blenders majority shareholder JAB has already revealed plans to make Espresso House the H&M of coffee retail, referring to the Swedish clothes store chain that has since expanded into 57 countries worldwide.
The retailer is being sold less than three years after Herkules bought the company from Palomon Capital Partners in a reported $96.85m deal.
JAB Holding Company chief executive officer Peter Harf said: “Espresso House fits perfectly in our growing portfolio of leading coffee roasters and shops around the world. Its management has been outstanding and has made Espresso House a clear leader in one of the most attractive coffee consumption markets. The company has good long-term prospects, giving it strong potential for further growth.”
Espresso House CEO Adriano Capoferro, who will remain in his current position, added: “Our culture and our employees are what makes us successful. We are a strong leader in the Nordic coffee shop market and I am proud of what we have achieved in Espresso House.
“The entire team at Espresso House is very pleased with the valued input from Herkules’ active and strategic ownership and the enjoyable working relationship. We now look forward to being part of a privately owned group with reputable brands, high expertise and financial strength, which will enable us to continue the development of our company.”
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