Coffee roaster Bean Alliance Group has acquired the assets of Melbourne based coffee brand, Coffex Coffee, after it went into administration in November 2022. Quentin Olde and Liam Healey from global advisory firm Ankura were appointed administrators.
Bean Alliance was established in 1981 and has several brands including Oxfam Fair and bean ground & drunk Fairtrade coffees. In 2018, it was acquired by the Italian Massimo Zanetti Beverage Group for $24 million.
Coffex, founded in 1959, was a pioneer in the Australian coffee industry for more than 60 years. Healey and Olde said their early investigations found that increased competition and compression of margins (due to an increase in green bean prices throughout the Covid period) contributed to Coffex going into administration. The business had around 900 customers in Australia and New Zealand.
Bean Alliance CEO, Ange Augello said, “We are committed to ensuring continuity of service and supply, roasting and delivering the highest quality of coffee to the Coffex Coffee community.
What happens when two great coffee legacies merge? They create an exquisite blend. Combining Bean Alliance’s 40 years and Coffex’s 60 years can only result in one outcome…a cool century of expertise!”
For Bean Alliance, the acquisition fit with its expansion strategy to export across the Asia-Pacific. Coffex’s plant and equipment made the deal even more attractive, with Coffex’s factory almost identical to Bean Alliance’s state-of-the-art roastery, built in 2002.
The sale included assets including stock, plant and equipment, brands, and blends. There was no real estate attached to the sale agreement.
Completion of the sale meant employee entitlements were paid in full or current Coffex employees offered employment.
“Many generations of coffee drinkers were saddened to hear the iconic roaster based in Brunswick had entered administration in November 2022. As good neighbours, the whole team at Bean Alliance is inspired to see the company – with its devoted staff and customers – continue to roast some pretty special coffee,” Augello said.
In the Italian Bar sector, Bean Alliance creates barista bar blends inspired by the timelessness of the Italian espresso bar. So, alongside loved brands, Monte Coffee and Segafredo, Coffex Coffee including its gold standard bar blend, “Superbar”, will be roasted-to-specification to ensure customers have unbroken access to their favourite brew.
Healey said, “The sale to Bean Alliance is a great result for Coffex and its stakeholders, including its employees and creditors, as well as its loyal customer base. The sale will include the opportunity for jobs to be retained and the ability for the iconic brand to continue under the stewardship of the purchaser, Bean Alliance.”
