Valued at around $299 million, Suntory Beverage & Food will sell its fresh coffee business in Australia, New Zealand, and Singapore to Japanese global coffee business UCC.
The deal is expected to be complete within the first half of this year.
SBF is the largest fresh coffee roaster in Australia and New Zealand with mainstream coffee brands including Mocopan, Robert Harris along with significant contract roasting operations in retail and convenience sectors. The sale does not affect SBF’s other business in the countries.
Dean Divehall, CEO of SBF’s business in ANZ and Singapore welcomed the agreement and said the sale represents a new chapter of growth.
“Over the past six months, we have conducted a strategic review to assess options to further maximise the value of the fresh coffee business in this region, including the opportunity to enhance value under potential new ownership,” he said.
Gota Ueshima, group CEO of UCC Group said the company believes Suntory’s fresh coffee business has an outstanding position in the ANZ and Singapore coffee markets.
“We see the addition of the fresh coffee business to our portfolio as highly complementary, creating a truly global leader in the coffee industry given UCC’s established position across Japan, Asia, and Europe.”
Kazuhiro Saito, CEO of SBF, expressed that UCC highly values the company’s brand strength in Australia, New Zealand and Singapore and entered the deal to leverage its international experience.