Global appliances company Breville Group has snapped up Italian specialty coffee company Lelit Group in a €113 million ($168.7 million) cash and shares deal, deepening its penetration of the premium home coffee market.
Breville said on Friday it will buy Lelit – which makes high-end coffee machines and barista equipment – from the founders debt free. Half of the price will be paid in cash and half in ASX-listed Breville shares valued at $27.64 per share for the deal and subject to a five-year lock up.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
