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Lavazza, one of Italy’s most famous coffee makers, offers €185 million for a greater share of vending machine business IVS, with plans to own it outright.
Lavazza, which already owns some 20% of IVS shares, has offered to buy the rest from other investors at €7.15 per share, offering an 11% premium compared to Monday’s closing price.If the sale goes ahead, Lavazza will own an extra 28.36% of IVS, meaning IVS would be removed from the stock exchange.The buyout offer, valuing IVS at €647 million, is the result of a previous agreement Lavazza made with IVS’s majority shareholder, giving the Turin-based coffee giant the possibility of assuming full control of IVS starting in 2027.”The structure of the operation, in the event that, starting from 2027, the options provided for in the agreements are exercised, would allow the Lavazza Group to strengthen its ability to compete with other major coffee players on the international stage, thanks to an increasingly significant scale, particularly in the strategic Vending channel,” said Lavazza chief executive officer Antonio Baravalle as reported by Italian financial newspaper Il Sole 24 Ore.The company was “thereby positioning itself even more robustly to compete in the current complex macroeconomic landscape”, he added. Lavazza last month announced recorded revenues of €3.1 billion for 2023, a 13% increase from the previous year, despite the “challenging macroeconomic landscape” following a “sharp rise in raw material costs”.IVS is presently owned by IVS Partecipazioni, holding a 50.75% stake until options are exercised after IVS’s 2026 financial statements approval. The current management, overseeing the EU’s second-largest vending machine market player with a 7% share, will remain unchanged.
