investment in the share capital of Saeco Vending. The remainder of the share capital will be acquired by LSF9 Canto Midco DAC, the direct parent of N&W. As part of the deal, N&W Global Vending will be granted the license to use the well-known Saeco and Gaggia brands in the professional coffee machines market.
“N&W is the world’s leading provider of comprehensive systems and services for the global food service industry, and the coffee systems are at the core of our growth strategy,” said chief executive officer Andrea Zocchi. “We intend to fully leverage on the industrial, commercial and innovation capabilities of Saeco’s Vending & Professional business, along with its strong brands, to deliver the highest quality coffee experience out of home.”
The acquisition is expected to be completed in the first semester of 2017 and is subject to certain conditions, including antitrust clearance. N&W’s participation in the transaction will be funded from available sources of liquidity. Given the anticipated timing of completion, this investment is not
expected to impact N&W’s net leverage materially.