Massimo Zanetti Beverage Group (MZBG) has completed the acquisition of Australian coffee group The Bean Alliance for AUD 24 million ($17.4 million).
Founded in 1981, The Bean Alliance supplies a range of premium coffees to artisan coffee shops and retailers under brands such as Bean Ground and Drunk, Gravity Espresso and Ox3.
In the fiscal year ended June 30, 2018 The Bean Alliance recorded annual revenues of AUD 24.5 million ($17.7 million), and MZBG says that the acquisition will significantly increase its presence in Australia’s premium coffee sector.
The current management team of The Bean Alliance, including the company’s founders, will continue to lead the Group, whihc will continue trading as “Bean Alliance Group”.
Massimo Zanetti, the chairman and CEO of MZBG, said: “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.
“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”.
© FoodBev Media Ltd 2019