Coca-Cola HBC has announced the acquisition of a 30% equity stake in Italian coffee company Casa Del Caffè Vergnano, which will see Coca-Cola become an exclusive distributor for the brand outside of Italy.
The financial details of the transaction have not been revealed, with the deal expected to be concluded in the second half of 2021.
Following the deal, Coca-Cola will now be represented on the board of directors of Caffè Vergnano and have customary minority decision-making and governance rights.
Caffe Vergnano History
Based in Santena, Italy, Caffè Vergnano has roots dating back to 1882, and its portfolio includes espresso in various blends, a number of different packages and formats, such as beans, roast and ground coffee, as well as single-portioned coffee pods.
In a statement, Coca-Cola HBC said that the transaction represents an 'important milestone' in the company's vision, adding that the business is 'highly complementary' to its existing Costa Coffee arm.
“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," said Zoran Bogdanovic, chief executive, Coca-Cola HBC.
"With Caffè 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 Caffè Vergnano is aligned with The Coca-Cola Company as we have worked together on this opportunity.”