The Belgian coffee roaster and services company says the acquisition of the coffee vending machine operator marks ‘a first step’ in its expansion plan for the German market
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Procon achieved full-year sales of approximately €1.5m ($1.6m) in 2022, according to Miko | Photo credit: Procon
Belgian coffee roaster and service company Miko has acquired German coffee vending machine operator Procon GmbH for an undisclosed sum.
Based in Magdeburg, Procon is a current distributor of Miko Coffee via its coffee vending machines, which it loans or rents to office workplaces across Germany.
Procon achieved full-year sales of approximately €1.5m ($1.6m) in 2022, according to Miko.
“Miko already has a fully-fledged subsidiary in Germany with Miko Kaffee GmbH, which is located in Nuremberg. With the acquisition of Procon, we are today taking a first step in the further expansion of our territorial presence in Germany. This fits into our strategy of building further on the rollout of an international coffee service organisation through external growth,” said Frans Van Tilborg, CEO, Miko Group.
The acquisition follows the increased stake Miko purchased in Dutch workplace food and beverage vending company MAAS in July 2021.
Miko has been active in coffee service for more than 200 years and operates across 10 European countries and Australia.
The coffee roaster and services company achieved 83% year-on-year sales growth to reach €267m ($290m) in 2022, with its sales divisions across Sweden, Denmark and Norway highlighted as key performers. However, the group’s net profits were negatively impacted by rising commodity prices and inflation following the war in Ukraine, with group EBIT falling 51% to €3.2m ($3.5m).