Ali Group, a leading global designer, manufacturer, marketer, and servicer of a broad line of commercial and institutional foodservice equipment, today announced that it has successfully completed the acquisition of Rancilio Group, an Italian coffee machine manufacturer, from the Rancilio family and Alto Partners, a Milan based private equity firm. Terms of the transaction were not disclosed.
Luciano Berti, Ali Group's Chairman and Chief Executive Officer, states: "We are very pleased to welcome the Rancilio Group into Ali. This acquisition further strengthens our position and visibility in the food service equipment market and adds a new dimension and another business segment to our brand portfolio."
"I am also delighted to announce that we have confirmed Giorgio Rancilio in his position of CEO of the Rancilio Group," Berti adds.
"Rancilio and its Swiss subsidiary Egro are among the world's leading brands for both traditional and fully automatic coffee machines. We are looking forward to a strong development with our existing international distribution channels," says Berti.
"We are excited to have become part of the Ali Group and look forward to working closely with Luciano Berti and the rest of the management team," says Rancilio's Group CEO, Giorgio Rancilio. "I'd also like to thank Alto Partners for their support and guidance in concluding the Egro transaction and the divestment to ALI Group."
"We are proud of our six year journey with the Rancilio Group. As a minority investor in full agreement with the Rancilio family, we supported, among other things, the acquisition of Egro which allowed the Group to increase revenues, profitability and number of employees," says Stefano Scarpis, chairman of Alto Partners SGR.
News and information presented in this release has not been corroborated by WTWH Media LLC.