Nestlé acquires maker of Bonjorno instant coffee
M&A Watch- Nestlé SA announced it has signed an agreement to acquire Caravan Marketing Company, the owner of the Bonjorno instant coffee brand. “The acquisition reflects Nestlé’s ambition to invest in Egypt and foster the development of the rapidly growing soluble coffee segment which has been gaining popularity among Egyptians,” according to Nestlé’s official release. Yasser Abdulmalak, Chairman and CEO of Nestlé Egypt, said, “The acquisition will combine Nestlé’s strong marketing & innovation capabilities with Caravan’s distribution model and significant presence in retail.” Terms of the transaction were not disclosed. Talks about the acquisition first emerged last May, when Nestlé reportedly made an offer for the company. At the time, Al Mal said Caravan appointed CI Capital as its sell-side advisor.