Portuguese coffee company NewCoffee has announced it is acquiring the NovoDia Cafés brand from Grupo Ribeiralves for an undisclosed sum.
This is the largest deal of its kind in Portugal’s coffee sector since 2009.
Founded in 1950, Novo Dia Cafés has an annual turnover of €4 million and, as well as its home market, is also present in countries such as Angola, United States, Canada and France, among others.
The acquisition takes it closer in scale to the three major players in the sector - Delta, Nestlé and Nutricafés.
The group currently has a turnover of €18 million, which it expects to boost to €23 million in the wake of the takeover. It supplies 10 per cent of the HoReCa market.
The CEO of NewCoffee, Pedro Oliveira, told the Lusa news agency that it was the 'right time' to continue with expansion for the brand.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.
