28th Jun 2021 09:33
(Alliance News) - Coca-Cola HBC AG said Monday it has agreed to buy 30% of Italian coffee company Casa Del Caffe Vergnano SpA.
The financial details of the deal, via whollyowned subsidiary CC Beverages Holdings II BV, were not disclosed. Completion of the acquisition is expected in the second half of 2021.
"Furthermore, Coca-Cola HBC and Caffe Vergnano will enter into an exclusive distribution agreement for Caffe Vergnano's products in Coca-Cola HBC's territories outside of Italy," the Coca-Cola bottler said.
Coca-Cola HBC has operations in 28 countries, including Greece, Ireland, Poland and Nigeria. It is a strategic partner of US brand owner Coca-Cola Co. HBC stands for Hellenic Bottling Co.
As part of the deal, CC Beverages Holdings gets a seat on Caffe Vergnano's board.
Coca-Cola HBC Chief Executive Zoran Bogdanovic said: "We are grateful for the trust being placed in us by the Vergnano family and are excited by the opportunities ahead with this terrific brand. With Caffe Vergnano, we are well positioned to build a total coffee portfolio that caters for a diverse range of consumer preferences.
"We are respectful of the company's 140-year history and the dedication and passion of the four generations that created such a rich and renowned coffee brand, synonymous with the authentic Italian coffee experience. Our investment in Caffe Vergnano is aligned with the Coca-Cola Co as we have worked together on this opportunity."
In 2020, Caffe Vergnano sold about 7,000 tonnes of coffee in more than 90 countries worldwide.
Shares in Coca-Cola HBC were down 0.6% in London on Monday morning at 2,668.00 pence each.
By Paul McGowan; [email protected]
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