Massimo Zanetti Beverage Group Sells 50% Stake to QuattroR for €90m

The Massimo Zanetti Beverage Group has officially announced the sale of a 50% stake to Italian private equity firm QuattroR. This move comes after widespread rumours and speculation in the industry.

Transaction Snapshot

  • Deal Value: €90 million
  • Deal Type: Sale of 50% stake and majority of voting rights.
  • Investors: QuattroR.
  • Founders: Massimo Zanetti.

The deal was confirmed by Massimo Zanetti, the company's president, in an interview with the Corriere della Sera daily. Following this transaction, QuattroR will appoint Pierluigi Tosato as CEO, while Zanetti will remain Chairman of the Board. The Zanetti family plans to retain ownership of the group and considers relisting the company in the future, possibly in New York or Singapore, instead of Italy.

The investment by QuattroR, which will hold the majority of voting rights, is part of a strategic move to assist the Massimo Zanetti Beverage Group in rebalancing its financial situation. The company currently faces a significant debt burden of approximately €350 million, owed primarily to Unicredit, BNL, and Intesa Sanpaolo.

Efforts to stabilize the company's finances included a previous recapitalization by Zanetti himself, injecting €50 million, which was not considered sufficient by financial institutions. The company has been impacted by prolonged store closures worldwide due to pandemic restrictions, compounded by rising coffee prices, necessitating fresh capital.

A settlement with creditors is a prerequisite for concluding the agreement with QuattroR. This settlement is anticipated within the week or, at the latest, by the end of December.

Despite the partnership, Massimo Zanetti assures that the company will not be fully sold. He acknowledges that his role may be reduced, but the family's commitment to the business remains strong, with future decisions possibly involving his children.

The Massimo Zanetti Beverage Group is showing signs of recovery, with expectations to close 2023 with a higher turnover than the previous year's record. The combined turnover, including €290 million from Cofiroasters, a green coffee company, had reached €1.5 billion, with an Ebitda of €48 million. Despite the need for external partnership, Zanetti recognizes the necessity of meeting the banks' requirements in these circumstances.

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