In line with Breville's growth strategy, on the 11th of March, 2022 Breville announced that they entered into an agreement to fully acquire LELIT Group which is an Italian-based prosumer speciality coffee group.
LELIT Group was founded in Northern Italy in 1985 and they boast a wide range of premium Italian coffee equipment. They have been making great strides in the espresso machine market and this perfectly complements Breville's already vast coffee portfolio.
Breville will acquire 100% of the LELIT group from current holders with a cash and debt free basis for a total consideration of €113m.
Half of this payment will be paid in cash and the remainer will be remitted via the issue of fully paid ordinary shares in Breville Group at a price of $27.64 per share. Further to this, the cash payment will not be paid utilising further debt facilities or capital raisings but with existing cash reserves and debt facilities.
LELIT CEO, Emanuele Epis, said: “Breville Group is the ideal strategic partner to support LELIT in its next stage of growth, at the same time enabling us to remain faithful to our Italian heritage and design. We look forward to leveraging Breville’s global platforms, capabilities and infrastructure to further strengthen our success on a global scale”.