Retail Food Group acquires CIBO Espresso
The group plans to rebrand all CIBO Espresso locations to Gloria Jean's
Retail Food Group Limited (RFG) has announced the acquisition of CIBO Espresso, signing an agreement to purchase all of the share capital of CIBO Espresso Holdings, including the intellectual property, for a total consideration of $2.7m.
It will be funded by cash on hand alongside transaction costs of $200,000 to $300,000.
RFG will invest approximately $1.3m into the South Australian network to provide incentives, including capital commitments for CIBO Espresso franchise partners to accelerate their transition to Gloria Jean’s.
“This acquisition aligns perfectly with our strategic goal to grow our core brands in the Café, Coffee, Bakery (CCB) channel and is an important step to deliver Gloria Jean's bold ambition to become the most visited beverage destination in the world,” said Matt Marshall, CEO of RFG.
The transaction is expected to be completed in mid-FY2025 and be accretive in FY2026 following the acquisition and conversion costs incurred in FY2025.
