N&W has announced that an agreement has been signed for a strategic minority investment in the share capital of Saeco Vending S.p.A. The remainder of the share capital will be acquired by LSF9 Canto Midco DAC, the direct parent of N&W.
Saeco License
As part of the deal, N&W will be granted the license to use the well-known Saeco and Gaggia brands in the professional coffee machines market.
“N&W is the world’s leading provider of comprehensive systems and services for the global food service industry, and the coffee systems are at the core of our growth strategy,” said N&W CEO Andrea Zocchi. “We intend to fully leverage on the industrial, commercial and innovation capabilities of Saeco’s Vending & Professional business, along with its strong brands, to deliver the highest quality coffee experience out of home.”
Acquisition
The acquisition is expected to be completed early in 2017 and is subject to certain conditions, including antitrust clearance.
N&W’s participation in the transaction will be funded from available sources of liquidity. Given the anticipated timing of completion, this investment is not expected to impact N&W’s net leverage materially.
N&W is the world leader in the production of automatic snack and beverage vending machines and is a major international player in both the HoReCa and the Office Coffee Services sectors. N&W was established in 2000, from the integration of Necta & Wittenborg, but benefits from experience that dates back more than 90 years. The N&W Group has approximately 1,400 employees and expected revenues for 2016 of over EUR 300 million. N&W has its headquarter in Valbrembo – Bergamo (Italy). The N&W Group has 6 manufacturing sites and 15 operating affiliates throughout the world.
