Massimo Zanetti Beverage Group announces the completion of acquisition of 67% share capital holding in PT Caswells Indonesia from the previous business owners through its subsidiary Boncafé International Pte Ltd. The remaining 33% share capital holding will continue to be held by an existing substantial shareholder who will remain as a strategic partner of the Group in long run.
With this acquisition Boncafé will extend its business presence to Indonesia, a fast-growing country in terms of its annual coffee consumption growth rate. Acquisition of PT Caswells Indonesia fits perfectly into the Group’s strategy which aims to penetrate the Food Service channel, as well as the Single Serve market. Following this deal, the Group expects to see great synergies on cross-selling opportunities of its products (such as “BONCAFÉ”, “SEGAFREDO ZANETTI” and “LA SAN MARCO”) in Indonesia, as well as better utilization of internal resources that will enhance the brand name and operation efficiency.
Subsequent to the completion, the Group will submit an application to the relevant Indonesia regulatory body for changing the official name of PT Caswells to “PT BON CAFÉ INDONESIA”, in which the process is anticipated to take approximately 2 months to complete.
“Indonesia, known as the fourth largest coffee producer in the world and having a colonial history of vibrant coffee drinking culture, I see vast opportunities for Boncafé to further expand our brand presence in the ASEAN region where demand for branded gourmet coffees are growing amongst the younger discerning Indonesian consumers. I’m very excited to embark on this journey with my team in Indonesia to realise our strategic business goals together,” said Joe Mohan, Chief Executive Officer of Boncafé Group (Southeast & East Asia).
“At Caswells, we are very proud and excited to become part of Boncafé and Massimo Zanetti Beverage Group and see the acquisition as a natural progression in the company's development. With the Group's additional expertise and support we will continue to grow and transform from being one of the country's leading specialty coffee companies into one of Indonesia's largest beverage companies,” said Peter Slack, Managing Director of PT Caswells Indonesia.
“This acquisition is a further milestone of the Massimo Zanetti Beverage Group to build up a strong presence in Asia, the pillar of our Group strategy to grow the Group’s business activities in the fastest growing coffee country and region of the world. The Group will continue to expand and look for opportunities to become a leader in Asia particularly in the Food Service channel and continue to enhance the relationship with our clients by delivering outstanding products and services,” said Pascal Héritier, Chief Operating Officer of the Massimo Zanetti Beverage Group S.P.A.