Cooks Global Foods has entered into a conditional agreement to acquire New Zealand’s Mojo Coffee Cartel.
The transaction values the roastery at NZD $19 million (about AUD $17 million), to be paid through a combination of cash and shares.
“Mojo is a well-established, popular, profitable business with a highly-successful brand with a network of 36 cafes in Wellington and Auckland,” says Keith Jackson, Cooks’ Executive Chairman.
“It has the potential to boost our international growth ambitions, particularly in the US, where it has already established a strong presence in Chicago with increasing customer awareness and American’s developing taste for good coffee.”
Following the acquisition, Mojo will retain its brand and people with Steve Gianoutsos, the co-founder of Mojo, and executives Katy Ellis and John Holloway joining Cooks’ senior management team while continuing to run the Mojo business.
“Since we started Mojo in Wellington 15 years ago, it has grown significantly and is now a highly recognised brand synonymous with great coffee,” Steve says.
“This has largely been down to the people who work in Mojo stores and the great customer experience in our stores.
For our staff in New Zealand they can expect to get the same Mojo development and training that they’ve come to enjoy as well as the creation of new roles. We aren’t planning any job losses for anyone in our Mojo family.”
The acquisition, which is subject to the conditions being satisfied, will give Cooks a New Zealand presence and significantly enhance its scale.
It will extend Cooks’ global store network to 142 stores and accelerate its transition to generating positive cashflow.