More specifically, N&W and François Baron have signed an agreement to create a joint venture that will acquire 100% of Cafection and include access to N&W’s capabilities. N&W will own a 67% stake in the JV, while the current Cafection owner, François Baron, will retain a 33% stake in the JV and become CEO. The joint venture will continue with the well-known “Cafection” brand and will be based in Quebec City.
Cafection was founded in 1996 and has been manufacturing coffee machines for more than 20 years. It is the leading manufacturer of bean-to-cup machines for the OCS market in North America. The company has approximately 100 employees and distributes its lines of premium OCS coffee machines to more than 80% of the Fortune 500 companies, including Google, Facebook, Apple and Microsoft.
N&W is the leading manufacturer in Europe of coffee, other hot and cold beverages and food vending machines with a particular focus on espresso coffee, and a rapidly developing presence in coffee machines for the OCS and food service segments. N&W sells its products in over 100 countries, with subsidiaries throughout Europe, Latin America, Asia and Australia.
The joint venture arrangements are expected to be completed during the month of July, subject to customary closing conditions.
Andrea Zocchi, Chief Executive Officer N&W: “We are delighted to enter into this venture with Cafection, which is well known for reliable machines delivering a high-quality experience in the office environment. For us this is the ideal platform for the expansion of N&W’s espresso coffee technology into the North American market. Our intention” - continues Andrea Zocchi - “is to fully leverage on the industrial, commercial and innovation capabilities of Cafection to build a credible presence in the large and stable US coffee market and to benefit from favorable consumer trends moving towards “European-style” coffee culture.”
François Baron, Chief Executive Officer Cafection: “Cafection has worked hard to earn the no. 1 position in the office coffee segment in North America, but our customers are increasingly demanding an espresso solution as part of our product range. N&W brings authentic espresso expertise and global scale, which will give us the capability to get to the next level in North America and beyond.”.