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Business

Italian coffee group Massimo Zanetti acquires Singapore's Boncafe

SINGAPORE -- Major Italian cafe operator and coffee merchant, Massimo Zanetti Beverage Group, this week announced its acquisition of the Singapore-based Boncafe Group. The deal was worth $85 million and includes the acquisition of Boncafe's roasting plants in Thailand and Singapore. The Italian company is planning further expansion across Asia and Middle East.

     Massimo Zanetti controls international brands of cafe chains and products such as Sagafredo Zanetti and Chock full o'Nuts, and has a global presence across Europe, the U.S.A and Asia. In Japan, there are currently 30 Sagafredo Zanetti cafes, most of which are in Tokyo.

     Boncafe has a strong presence in Southeast Asia with its ground and instant coffee products. Massimo Zanetti's president Massimo Zanetti stated in a press release that it will run the new acquired Boncafe operations "without making drastic changes to the successful business model and without changing its brand name, which is already well known in the region nor the top-notch management and workforce."

     The Italian firm also stated that it aims to reinforce its presence in the international market with a special focus on markets in Southeast Asia, Hong Kong and the United Arab Emirates. The group said that the addition of Boncafe will help Massimo Zanetti to take advantage of new sets of rules on trade in the Asean free trade area.

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