Gruppo Cimbali, a leading Italian company in the design and production of professional machines for coffee and drinks based on fresh milk, has acquired the majority of Slayer, a manufacturing company based in Seattle specialized in the design and artisanal production of traditional espresso coffee machines with a unique design and innovative technological equipment.
“The creation of this important partnership with Slayer – he declared Frank Cloth, Chief Executive Officer of Gruppo Cimbali – is part of our growth path and strengthens the Group's positioning in the market segment of specialty coffee, among the main trends concerning the consumption of coffee which is increasing globally and, recently, more and more widespread also in Italy”.
“Thanks to this partnership, Slayer will be able to benefit from the technological and production know-how of Gruppo Cimbali and will strengthen its presence on international markets – said Jason Prefontaine, founder and CEO of Slayer – This agreement was in my plans from the beginning: it was just to find the right partner”.
The operation, financed entirely with its own resources, will allow Gruppo Cimbali to expand its portfolio of Brand Champions with a strengthening in the top-of-the-range range, consolidating its presence on the American market through a direct presence in Seattle, one of the cradles of espresso coffee world-wide.
Following the transaction, Slayer will independently continue its development path with an independent management and sales network and within an agreed corporate governance structure. Jason Prefontaine, founder and current Chief Executive Officer, will in fact continue to lead the American company which expects to close the current year with a turnover of approximately 13 million dollars and strongly growing compared to the previous year.
By joining the Cimbali Group, Slayer will accelerate its presence on international markets thanks to financial support, optimization of production processes, and taking advantage of technological and industrial synergies with the same.
In the operation, Caretti & Associati acted as financial advisor to the Cimbali Group, while legal advisors for the same were Thomson Coburn and the Gardenal studio.
Gruppo Cimbali expects to close 2017 with a turnover of approximately 180 million euros (+7% on 2016), of which 81% deriving from sales abroad.
The Group's growth trend is also demonstrated by the 110 hires carried out in the four-year period 2014-2017 (of which 50% young people under 35) which brought the total number of employees to around 700.
