May 24, 2017 / 2:25 PM / 5 months ago

Italy's Lavazza buys 80 percent of Canada's Kicking Horse Coffee

MILAN (Reuters) - Italian coffee maker Lavazza said on Wednesday it had bought 80 percent of Kicking Horse Coffee in a deal valuing the Canadian company at C$215 million ($160 million).

FILE PHOTO: Lavazza's espresso coffee cup installation is seen at the headquater in Turin, Italy, February 8, 2016. REUTERS/Giorgio Perottino

Family-owned Lavazza is looking round for acquisitions to help boost its turnover to 2.2 billion euros ($2.46 billion) in the next four years.

In a statement Lavazza said the deal was an important step in its strategy to grow in North America, seen as a key market for the group.

Under the deal Elana Rosenfeld, who founded the Canadian organic coffee brand in 1996, will own the remaining 20 percent and will continue to run the company as chief executive.

Lavazza sales rose 29 percent to 1.9 billion euros last year thanks to the acquisition of French coffee brand Carte Noire and Denmark’s Merrild.

Lavazza was advised by JPMorgan, law firm Blake Cassels & Graydon, Boston Consulting Group and PWC.

Reporting by Stephen Jewkes, editing by Agnieszka Flak

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