Massimo Zanetti Beverage Group (MZB Group), owner of a wide range of coffe brands around the world with Segafredo among them, goes on with its listing project, after having stopped a projected ipo last Autumn as many other companies pulled their offerings due to adverse markets conditions.
Actually yesterday the group asked italy’s Supervisory Authority on Financial markets Consob the go-ahead for its global offering Prospectus (see here the press release).
Pilar Braga, Segafredo Zanetti Australia and Nuova Zelanda managing director speaking last February at a conference about food organized by the Italian Stock Exchange. Braga said that listing might happen “by next May 15″ and that “floating capital should be about 30%”, that is in line with what was expecteed last Autumn (30-35%) (see here a previous post by BeBeez).
MZB Group is a holding company founded and chaired by Massimo Zanetti who actually is the sole owner of the the group. Last October a mixed ipo was expected, including both a sale of a stake by Mr. Zanetti and of a capital increase of about 150 million euros. The actual offering is expected to have the same structure.
Banks backing MZB Group on the deal have been confirmed to be the same who were named last August, that are global coordinators Banca Imi and BnpParibas, who will act as joint bookrunners too together with JPMorgan e BB&T. Banca Imi will be in charge of the placement of the public offer while BnpParibas will act as sponsor too.
As for the legal issues, Baker & McKenzie is advising Zanetti Beverage Group while Linklaters is supporting the banks. Finally PWC is in charge of audit.
MZB Group reached 780 million euros in revenues last year with an ebitda of 65 millions, MF-Milano Finanza writes today, meaning that the group might have an enterprise value of about one billion euros at a 15x ebitda multiple as some analysts estimated last Autumn.
In the meantime last February MZB Group signed an important partnership with TNPI, an Asian group leader in the Food & Beverage sector, specialising in the retail market and coffee chain, in order to develop its own franchising coffee shops network. Segafredo Zanetti Espresso Worldwide, the subsidiary through which MZB manages and franchises the coffee boutiques globally, has signed an agreement to develop more than 50 “Segafredo Zanetti Espresso café” in strategically relevant areas in China and Hong Kong (see here the press release).
The partnership project envisages the opening of more than 20 selling points by the end of 2015, to be expanded to more than 50 by the end of 2019, that will join more than the 15 existing boutiques in China and Hong Kong.
With over 330 stores plus the 70 branded Puccino’s, Chock Cafès and BoncafèVino, Segafredo Zanetti Espresso Worldwide is the leading network in the management of the Italian styles traditional coffee houses franchising model, known as “Segafredo Zanetti Espresso cafés” , with a direct presence in all the continents. The partnership with TNPI represents the biggest agreement ever signed by Segafredo Zanetti Espresso with an international partner of its own network of franchising coffee shops
