De’Longhi agrees to acquire remaining 60% stake in Eversys for CHF110m ($118m), taking full control over the company it has held a minority stake in since 2017
Eversys' new production facility in Sierre, Switzerland, was completed in 2020 and will enable the company to produce 15,000 coffee machines per year | Photo credit: Eversys
The De’Longhi Group has reached an agreement to take full control over super-automatic espresso machine specialist, Eversys.
Italy-based De’Longhi, which has held a 40% minority stake in Eversys since 2017, said it would acquire the remaining 60% stake in the company for CHF110m ($118m), bringing the total ‘enterprise value’ of the acquisition to CHF150m ($161m).
“We are excited about our new important step in the world of coffee. At Eversys we admire the passion for excellence, quality and the strong ability to innovate, values that guided the founders Jean Paul In-Albon and Robert Bircher in the realisation of their dream,” said Massimo Garavaglia, CEO of De’ Longhi.
De’Longhi has emerged in a strong position from the pandemic, with sales of its home coffee and kitchen appliances surging amid Covid-19 lockdowns globally. Highlighting the at-home coffee boom during the last 12 months, full-year profits at the Swiss firm rose 24.3% to €200.1m ($237m) in 2020.
Founded in 2009 and based in Sierre, Switzerland, Eversys reported revenues of CHF17m ($18.2m), according to a De’Longhi press release. In 2020 the espresso machine manufacturer opened a new Swiss production facility that will enable the company to produce 15,000 coffee machines per year.