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IVS Group acquires Time Vending

Chef Express (Cremonini) sells 50% and reinvests in the vending machine holding company

IVS Group informs that has acquired the 50% interest in Time Vending S.r.l. owned by Chef Express S.p.A. (Cremonini Group), of which IVS Italia S.p.A. already owned 50%, and so reaching 100%.

The value of the transaction, including Time Vending positive net financial position, is equal to Euro 7,385 million.

At the same time, Chef Express will reinvest the sale proceeds by acquiring n. 1,309,397 IVS Group treasury shares (corresponding to around 1.4% of IVS Group share capital), at a price equal to Euro 5.64 per share.

The joint venture between IVS and Chef Express dates back to 2009 and this transaction strengthens the base for further and more evolute forms of collaboration between the two companies, examples of excellence in the food & beverage distribution and catering sectors, in Italy and Europe.

IVS Group S.A. is the Italian leader and the second player in Europe in the business of automatic and semi-automatic vending machines for the supply of hot and cold drinks and snacks (vending). The vending business is mainly carried out in Italy (around 83% of total sales), France, Germany, Poland, Portugal, Spain and Switzerland, with around 286,400 vending machines, a network of 129 branches and over 4,150 employees. IVS Group served more than 15,000 corporate clients and public entities, with more than 825 million vends in 2022. 

Chef Express S.p.A. is the company that manages all the catering activities of the Cremonini Group, with over 54% of revenues deriving from concession activities (stations, airports and motorways in Italy, and on-board trains abroad). Chef Express, with about 2023 revenues of Euro 700 M, is the leader in Italy in the station buffet market, is present in the airport catering sector in 14 Italian airports and manages 57 refreshment areas on the Italian motorway network. In the on-train catering sector, Chef Express is one of the main operators in Europe with over 120 trains served daily in 5 European countries. In commercial catering it directly manages the Roadhouse Restaurant, Calavera and Billy Tacos chains and abroad the Anglo-Saxon Bagel Factory chain.

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