Massimo Zanetti Beverage Group's (MZBG) board of directors has approved the acquisition of Nutricafés for €74.5m (£62.4m).
Nutricafés is the third largest operator in the Portuguese coffee market, with its two leading brands ‘Nicola Cafés' and ‘Chave D'Ouro'.
MZBG has acquired a 100% share capital holding of the company from two private equities: MCH Iberian Capital Fund II, managed by MCH PE, and Portuguese Fund Explorer I, managed by Explorer Investments. The deal is for a total of €74.5m in terms of enterprise value and will be financed through new credit lines.
With this acquisition MZBG will further reinforce its position in Portugal, where the group is already operating, reaching a total market share of 14%. It now plans to acquire a production plant in Portugal to provide products to both Portuguese and Spanish markets. The acquisition is part of the group's strategy to further develop in the foodservice channel and the single serve segment.
Massimo Zanetti, president and CEO of MZBG, said: "I am very proud of the acquisition of these two historical brands. Thanks to this acquisition, we strengthen our presence not only in Portugal but in the whole Iberian Peninsula as it allows us to enter as main actor into the Spanish market."
João Dotti, CEO of Nutricafés, added: "I'm very excited to join MZBG. Being part of this global group will benefit our brands ensuring future growth, and value creation for both of us."
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