Tres Coracoes Alimentos S.A., a 50% joint venture of Strauss Group Ltd. (TASE:STRS) unit Strauss Coffee B.V. and Sao Miguel Group has acquired the coffee business of Itamaraty.
Itamaraty produces and distributes coffee and coffee related products (filters and powders) in southern Brazil under various brands (Itamaraty, Londrina, Charm, Ouriborn, Americano and Cafeare). Itamaraty’s coffee business is the fourth largest (in terms of volume market share) in southern Brazil in the roast and ground coffee market.
The acquisition will be financed from Tres Coracoes’ own sources and is part of the Tres Coracoes’ strategy to increase its presence in southern Brazil.
Strauss Coffee is a global coffee player with annual sales of over $1 billion dollars. The company has built authentic local coffee brands that hold leading positions in Israel, Brazil, Poland, Romania, Serbia, Russia and Ukraine. Strauss Coffee produces coffee products including soluble, roast and ground, cappuccino and espresso, and other complementary products. The company has 14 production sites around the world and employs over 6, 000 people.
Published by Globes [online], Israel business news – www.globes-online.com