Sydney roastery Campos Coffee snapped up by Dutch giant JDE Peet’s
Home-grown coffee company Campos has been acquired by Dutch beverages giant JDE Peet’s, marking the latest major acquisition in Australia’s burgeoning specialty coffee market.
The $24 billion multinational, which is listed on the Amsterdam stock exchange, announced on Wednesday it had bought the Sydney-based roaster for an undisclosed amount, ending 20 years of private ownership for the business.
Campos Coffee, founded by Will Young 20 years ago, has been acquired by Dutch multinational JDE Peets.
Campos Coffee was founded in 2002 by Will Young, starting out as a single cafe and roastery in Newtown. Since then, the company has grown to be served in over 600 cafes across the country under its Campos and Sacred Grounds brands.
Last financial year, the business reported $50 million in revenue and a loss of $3.2 million for the twelve months to the end of June, a result which included $1 million in JobKeeper payments. Mr Young is still the business’ majority shareholder, with other company directors and executives making up the remaining investors.
JDE Peet’s acquisition, expected to be finalised in July, will see the business join a range of other high-profile coffee and tea brands in Australia, including L’OR, Moccona, Harris, and Pickwick, and will bolster the company’s already significant Asia Pacific region, which reported sales of €659 million ($1 billion) last year.
It marks the latest acquisition of a major Australian coffee brand by an international beverage giant, with beer and spirits giant Asahi purchasing local roaster and cafe operator Allpress in late April. Australia’s coffee industry is worth about $1.3 billion and has been consistently growing over the past five years, fuelled largely by demand for premium coffee.
Founder Mr Young said in a Facebook post announcing the deal he was looking forward to the company being “supercharged” under the ownership of JDE Peet’s and said he would be stepping back from the day-to-day operation of the business.
“Campos is built on amazing coffee and deep, meaningful connections to all our stakeholders. We know this is what has brought us this far, and this is what will take us much further,” he said.
“JDE deeply respects this and vows to deliver with the same passion as always. I’ll sleep well knowing the brand I love so much remains in the best of hands.”
Upon completion of the deal, JDE Peet’s will manage Campos as a standalone specialist business within its portfolio with a goal to continue growing the business. Albert Moncau, JDE Peet’s general manager in Australia and New Zealand, said the company had built an “incredible” network across Australia.
“The business is a perfect fit for us and we look forward to welcoming the Campos team to our world of coffee and tea, learning from each other’s expertise and building on their award-winning coffee experience,” he said.
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