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Strauss Group Ltd. (TASE:STRS) unit Strauss Coffee BV signs an agreement for the acquisition of the Romanian coffee brand Amigo from Brazilian Cia Iguacu de Café Soluvel for $20 million. The acquisition will be funded from Strauss Coffee’s own resources.
The Amigo brand is mainly sold in Romania since 1982 and has spread to other countries in East Europe. In 2012, the brand’s sales turnover is estimated at approximately 12.5 million dollars and a 1.8% share of the market in Romania .
Strauss is acquiring the company trademarks, domain names, and the exclusive rights to use the Amigo Formula in Romania and Bulgaria.
Strauss Coffee has operated in Romania since 1994, mainly under the Doncafe brand, which has a 22% market share.
“This acquisition further enhances Strauss Coffee’s competitive position in the coffee category in Romania as well as in other Central and Eastern European markets, ” said Strauss Coffee interim manager Tomer Harpaz. “Strauss Coffee, through Strauss Romania, intends to further develop the Amigo brand in the area.”
The closing of the transaction is conditional on the receipt of approval by the Romanian Competition Council.