Spanish vending machine company Azkoyen Group is looking to strengthen its position in the premium coffee market with the 17 million euro ($17.2 million) acquisition of domestic coffee machine maker Ascaso
Ascaso CEO José Luis Ascaso to Join Azkoyen Group in Acquisition | Photo credit: Azkoyen Group
Spanish vending machine maker Azkoyen Group has acquired Barcelona-based espresso machine maker Ascaso for 17 million euros ($17.2 million).
Azkoyen Group said the acquisition will provide a new leadership position in the premium coffee segment. The company’s coffee business currently accounts for 75% of revenue from its coffee and vending division.
Ascaso, which distributes its products in Europe, Southeast Asia and North America, said its CEO José Luis Ascaso would join the Azkoyen Group as part of the deal.
The company’s production center in Barcelona will be added to the Azkoyen Group’s facilities in Spain, the UK and Colombia.
“Ascaso’s philosophy of product innovation and manufacturing excellence gives us a new leadership position in the premium coffee segment, from semi-automatic coffee machines to traditional coffee machines, which represents already a crucial part of our revenue and for which we have very ambitious growth plans,” said Juan José Suárez, President of the Azkoyen Group.
The Azkoyen Group, which also has security and payment solutions divisions, appointed Darío Vicario Ramírez as CEO in June 2022. Tasked with continuing the company’s growth, he cited the targeting of “different innovative solutions in new markets as a key priority.
The company made profits of 13 million euros in 2021, with its coffee and vending division seeing sales growth of 45% compared to the previous year.