Spanish vending machine company Azkoyen Group is seeking to strengthen its position in the premium coffee market with the €17m ($17.2m) acquisition of domestic coffee machine manufacturer Ascaso
Ascaso CEO José Luis Ascaso will be joining Azkoyen Group as part of the acquisition | Photo credit: Azkoyen Group
Spanish vending machine manufacturer Azkoyen Group has acquired Barcelona-based espresso machine manufacturer Ascaso for €17m ($17.2m).
Azkoyen Group said that the acquisition will provide a new leadership position in the premium coffee segment. The company's coffee business currently accounts for 75% of turnover for its coffee and vending division.
Ascaso, which distributes its products in Europe, Southeast Asia and North America, said that its CEO José Luis Ascaso will be joining Azkoyen Group as part of the agreement.
The company’s production centre in Barcelona will be added to Azkoyen Group’s facilities in , Spain, the UK, and Colombia.
“Ascaso's philosophy of product innovation and manufacturing excellence provides us with a new leadership position in the premium coffee segment, from semi-automatic to traditional coffee machines, which already represents a crucial part of our revenues and for which we have very ambitious growth plans,” said Juan José Suárez, Chairman, Azkoyen Group.
Azkoyen Group, which also has security and payment solution divisions, appointed Darío Vicario Ramírez as CEO in June 2022. Tasked with further growth of the company, he cited targeting ‘different innovative solutions’ in new markets as a key priority.
The company achieved profits of €13m in 2021, with its coffee and vending division experiencing 45% sales growth compared to the previous year.