Nestle S.A. has signed an agreement to acquire Caravan Marketing Co., an Egyptian instant coffee company that sells product under the Bonjorno brand. Financial terms of the transaction were not disclosed.
“Our investments and expansion plans in Egypt reflect the importance of this market to us,” said Yasser Abdulmalak, chairman and chief executive officer of Nestle Egypt. “In the last five years Nestle has made investments close to 1 billion Egyptian pounds ($53 million) in manufacturing and distribution facilities as well as skill development. We will continue to invest in the Egyptian market, and this acquisition comes as a reaffirmation of that.”
Mr. Abdulmalak said the acquisition will capitalize on the complementary strengths of the Nescafe and Bonjorno brands and will accelerate the development of the soluble coffee market in Egypt.
“We are proud that Bonjorno — a local brand loved by many Egyptians — will become part of our wide portfolio of international brands,” he said. “We are keen on ensuring a smooth integration process in the best interest of the business and all employees. This is an exciting growth opportunity in a dynamic category. The acquisition will combine Nestle’s strong marketing and innovation capabilities with Caravan’s distribution model and significant presence in retail. The blend of people from the two organizations will create a leading team, ideally suited to drive future growth.”
Established in 2003 as a marketing and distribution company, Caravan Marketing serves the Egyptian market with a range of soluble coffee products sold under the Bonjorno Cafe brand.
By Eric Schroeder
Source: Food Business News
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