Mandarin's Coffee Holding bolts on Yespresso

Mandarin acquired a 30% stake in the company, while founder and CEO Filippo Di Carlo retained the remaining 70%. The deal includes a put and call option, which will allow Mandarin to increase its stake to up to 100% in the next two years.

The acquisition was financed with equity provided by the GP via Mandarin Capital III and by Coffee Holding's minority shareholders.

Coffee Holding controls coffee specialist Neronobile, acquired by Mandarin in October 2019, and coffee-capsules producer Daroma, bought in January 2020. Following this last add-on, the GP expects Coffee Holding to reach revenues of around €55m and EBITDA of €9m. Mandarin plans to add two more companies specialising in coffee beans and powder production to its platform by the end of 2020.

Company
Based in Milan, Yespresso specialises in producing coffee capsules, which are distributed online on its own digital platform and via other e-retailers including Amazon. The company's products are marketed under the Yespresso brand and are compatible with Nespresso, Lavazza, Caffitaly, Bialetti, Illy, Kimbo, Lui l'espresso, FiorFiore and Domo Caffè coffee machines. Yespresso generated revenues of €5m in 2019, with an EBITDA margin of around 10%.

People
Mandarin Capital Partners – Alberto Camaggi (managing partner).
Yespresso – Filippo Di Carlo (founder, CEO).

Advisers
Company – M&C Partners (corporate finance).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Mandarin Capital Management SA
• Build-up
• Buy-and-build
• Italy