Australian domestic coffee machine manufacturer Breville Group has acquired the home grinder specialist Baratza for approximately US$60 million (about $84 million).
That figure includes around US$43 million ($60 million) in cash and US$17 million ($24 million) worth of Breville shares.
“Kyle Anderson and I co-founded Baratza 21 years ago. It’s been an amazing adventure to build the company to its current position in the global specialty coffee market,” says Baratza CEO and Co-founder Kyra Kennedy, in an open letter from herself and Kyle.
“Over two decades later, the time has now come to look at where we are and determine the next steps for us and for Baratza. As we contemplated what the future would look like, it was important for us that any decision made would take care of our employees, consumers, distributors, manufacturer, and suppliers.”
Established in 1999, Baratza designs and markets premium coffee grinders for North American and international markets.
“In Breville Group, we are confident we have found a partner with shared values for customer care and a passion for product innovation and enhancing the specialty coffee experience. We look forward to combining our strengths in design and customer support, while continuing to maintain our uncompromising focus on quality and customer care, to create a dynamic new vision for our business,” Kyra and Kyle write.
“While we are now part of a larger group, we are the same team and brand. Staying true to who we are, while growing in a global marketplace, will enable us to continue to shape our future and place as one of the most admired and trusted brands in specialty coffee.”
Breville Group says the acquisition brings together two of the world’s leading companies in the design and global distribution of coffee products.
“We are excited by the opportunity to bring Baratza into the Breville family. Our combined experience will unlock dynamic revenue synergies for both businesses, that share a passion for innovation and an unwavering commitment to enhancing the consumer experience,” Breville Group CEO Jim Clayton says.
Image: Baratza