On 29 October, the Massimo Zanetti Beverage Group announced its Australian subsidiary has acquired The Bean Alliance for $24 million to strengthen its presence in the Australian market.
“Australia is an interesting market with a well-established high-quality coffee culture and a preference of independent roasters,” the group’s Chairman and CEO Massimo Zanetti says.
“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, 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 also provides the opportunity to penetrate the local roasted channel with significant growth potential.
Founded in Melbourne in 1981, The Bean Alliance is present in the Australian market mainly through its brands Bean Ground and Drunk, Gravity Espresso and Ox3. The brands were created to meet the needs of artisan coffee shops and their demand for specialty coffee.
The company also owns the Indulge Your Senses brand of drinking chocolate.
In the fiscal year ended June 30, 2018, The Bean Alliance revenues reached $24.5 million. Normalised earnings before interest, tax, depreciation and amortisation was $3.0 million. The Bean Alliance is based in Melbourne, where it has approximately 60 employees and a factory.
The Massimo Zanetti Beverage Group says the acquisition opens up an additional development opportunity in the Australian Pacific market.
The current management team of The Bean Alliance, including the company’s founders, will continue to lead the group, with the aim to ensure operating continuity trading as Bean Alliance Group.
The deal is expected to close by end of January 2019.
