Massimo Zanetti will buy Australia's The Bean Alliance, in the latest deal by the Italian coffee group to expand abroad as competition rises at home, reports Reuters. Coffee maker Zanetti will pay $17 million, plus a potential earn-out, to buy the Australian company which produces and sells several premium brands, including the fairtrade and organic Bean Ground & Drunk.
The deal, expected to close by January 2019, will strengthen Zanetti's exposure to the Australian market and open more opportunities in the Asian Pacific area. The acquisition follows other deals announced by Italian rivals Lavazza and illycaffe in recent weeks after Starbucks inaugurated its first outlet in the country two months ago. Lavazza agreed to buy the coffee business of Mars Inc. to expand to the U.S. and some European countries. Illycaffee teamed up with JAB Holding to produce and sell illy-branded coffee pods that will work in Nestle's Nespresso Machines. Full Story
Related: Dunkin' Revamps Espresso Offerings; McDonald's Tests Cold Brew Coffee.
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