All of a sudden! Delong Group has become a major shareholder of Hot Mom!
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If you are a coffee player, I believe you are no stranger to the two brands in the title, one is the resident player of the home coffee machine, the other is Rolls-Royce, known as the coffee machine world, and people affectionately call it "Hot Mom". Almost everyone in the industry knows both.
De'Longhi recently announced that Italian espresso giant La Marzocco and Swiss coffee maker Eversys will merge to form a new business group focused on the development and sales of coffee machines, Daily Coffee News reported.
The deal was officially announced at the end of last month and is expected to end this quarter with the creation of a new entity owned by Italy's De'Longhi SpA, a subsidiary of Delon Group.
According to Delong Group, the merger will set up an independent board of directors to report directly to Delong's CEO. The new group aims to provide more collaborative and combined sales opportunities for La Marzocco and Eversys brands. Referring to management issues, Delong added that they would remain independent and directly led by current management to maintain a unique corporate culture.
De'longhi Group, a century-old Italian company, was founded by the De'longhi family in 1902 and has a history of more than one hundred years. At present, Delong Group has four major brands: De'Longhi, Kenwood, Braun and Ariete, among which De'Longhi is the most well-known in the field of coffee machines.
It is understood that Eversys is a well-known coffee machine brand founded in Switzerland in 2009, which focuses on producing fully automatic coffee machine equipment with high quality, high performance and easy operation and maintenance. Delong Group acquired a 40 per cent stake in Eversys in 2017 and made a full acquisition of the brand in March 2021.
At the same time, this round of cooperation has brought a large amount of money to the operation of La Marzocco, a well-known manufacturer of high-end Italian coffee machines. La Marzocco was founded in Florence, Italy in 1927 and has nearly a century of experience in coffee equipment production.
In 2021, Delong issued a statement refuting Italian media reports that the group would take a stake in La Marzocco. Today, however, Delong has the largest stake in La Marzocco. In the new deal, Delong will pay about $374 million for La Marzocco and other shares.
"from the date of approval of the transaction, De'Longhi SpA has been controlled by De'Longhi Industrial, which holds 53.59 per cent of Delong Group's total shares," Delong said in a statement. " Investors say Delong Industries, through its subsidiaries, owns a total of shares in La Marzocco62.6%, indirectly controlling La Marzocco.
At the end of the report, Delong claimed that La Marzocco is expected to generate 20.4 billion euros ($262 million) in revenue in fiscal year 2023, while Eversys is expected to generate 132 million euros ($144 million).
Picture from: Daily Coffee News Staff
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