Philips intends to sell its Saeco Vending & Professional coffee business to N&W Group
Royal Philips today announced the intended sale of the Saeco Vending & Professional coffee business to N&W Global Vending and its affiliates (“N&W Group”). N&W Global Vending has the intention to make a strategic minority investment in the share capital of Saeco Vending S.p.A. (Saeco), while the remainder of the share capital would be acquired by the direct parent of N&W.
As part of the transaction, N&W Global Vending will acquire the license for the Saeco and the Gaggia brands, for professional use only.
“Saeco is synonymous with excellence in coffee innovation” said Eef van Elsberg, Business Leader Coffee at Philips: “With the agreement, Philips will fully focus its investments on the consumer business for the Philips and Saeco brands among others and deliver exciting propositions for consumers to use in the home across the globe, while N&W Global Vending builds on Saeco’s existing strong foundation in the professional space.”
“Over the last few years, Saeco made structural adjustments in its coffee activities for the home to set the business up for sustainable profitable growth” said Nicholas Lee, CEO Philips-Saeco : “We are convinced that Philips’ sharpened focus on consumer propositions announced today will contribute to that growth”.
“N&W Global Vending is the world's leading provider of comprehensive systems and services for the global Vending, Horeca and Office Coffee Services industry, and coffee systems are at the core of our growth strategy,” said Chief Executive Officer, N&W Global Vending, Andrea Zocchi. “We intend to fully leverage the capabilities, industrial and commercial footprint of Saeco’s Vending & Professional business, along with its strong brands, to deliver the highest quality coffee experience out of home.”
The transaction is expected to close in the first semester of 2017 and is subject to customary conditions, including regulatory filings and industrial relations procedures.
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