Massimo Zanetti Beverage Group’s Australian subsidiary has finalised an acquisition of the business and assets of The Bean Alliance for A$24m with the net financial position equal to zero.

With the acquisition, the Italian group expects to strengthen its presence in the Australian market.

Massimo Zanetti Beverage Group chairman and CEO Massimo Zanetti said: “We are very satisfied with this deal. Australia is an interesting market with a well-established high-quality coffee culture and with the preference of independent roasters.

“The Bean Alliance, which has been active in the Australian market for over 35 years, was able to create premium brands that stood out for product innovation, in particular in the local roasted growing channel, and for the sustainability project, as confirmed by the many awards and certifications obtained.

“The Bean Alliance’s acquisition opens up an additional development opportunity in the APAC market.”

“In addition to strengthening Massimo Zanetti Beverage Group’s presence in Australia, The Bean Alliance’s acquisition opens up an additional development opportunity in the APAC market.”

The Bean Alliance is a group of companies in Australia that was established in Melbourne in 1981. It serves the Australian market with the Bean Ground and Drunk brand, which has won several sustainability awards; Gravity Espresso and Ox3 speciality coffees; and the Indulge Your Senses drinking chocolate brand.

The Bean Alliance has won several awards and certifications such as fairtrade and organic. The products are distributed in the domestic retailer chains and in the local roasted premium channel for café chains.

In the fiscal year ended 30 June 2018, The Bean Alliance’s revenues reached A$24.5m and normalised EBITDA was A$3.0m.

The Bean Alliance has around 60 employees and a roasting plant in Melbourne.

The Bean Alliance’s current management team will continue to lead the group to ensure operating continuity.