Australian kitchen appliances leader Breville, has acquired Italian-based premium coffee machine makers LELIT, for $A168.4m.
The deal will be paid half in cash, with the other half in fully paid ordinary shares in the Breville company, priced at $27.64 per share.
The founders of LELIT Group, plus key members of the management team, will come on board the Breville Group.
“The acquisition of LELIT brings together the two great coffee cultures of the world: Italy and Australia,” Breville chief executive Jim Clayton, says.
“Both companies have a shared passion for using product innovation to improve our customers’ coffee experience at home, and we look forward to working alongside LELIT and its existing partners to further accelerate its growth and product innovation, while preserving the values that underpin its Italian identity”.
The transaction is expected to complete by early July 2022.
