Chillin' out till it needs to be funded
While the Consumer Lifestyle boom wait tapers off ambitions in India and China the newest edition ogf the Lifestyle Economy still has royal champions to partake the confluence of wealth and fortune.
Luigi Lavazza SpA, the coffee company founded by Italy’s Lavazza family in 1895, will never consider an initial public offering or a sale to private-equity funds, Director of Business Development Luca Maulini said.
“Bankers and managers have approached Mr. Lavazza in recent years to propose deals that would dilute capital,” Maulini said at conference in Milan today. “He never even offers them a coffee.”
The Turin, Italy-based company is considering acquisitions in four or five markets including India, China, Brazil and the U.S. to expand its business, Maulini said, without providing details.
Lavazza agreed to buy a 6 percent stake in Green Mountain Coffee Roasters Inc. in August to expand in the U.S. The two companies said in a statement at that time that they’ll jointly develop new single-serve espresso machines and capsules and that Green Mountain may agree to sell Lavazza’s existing machines in the U.S. and Canada.
Lavazza’s sales fell to 1.1 billion euros ($1.4 billion) in 2009 from 1.12 billion euros the year before, according to figures in the statement and on its website.