"The De'Longhi Group has reached an agreement under which it will take full ownership of Eversys, a Swiss manufacturer of super-automatic espresso coffee machines.
Trieste, Italy-based De'Longhi acquired 40 % shares in Eversys Group in 2017, and the new transaction includes the acquisition of the remaining 60 % shares. Del'Longhi said that the value of the 100% acquisition is approximately EUR 160 million.
De'Longhi, which owns a number of small kitchen appliance brands sold worldwide, has previously provided financial and distribution support to Eversys, founded in 2009 by Jean-Paul In-Albon and Robert Bircher.
A year after the initial investment by De'Longhi, Eversys opened new global offices and a showroom. In 2020, the company will open a 78,000-square-foot factory and offices in Sierre, Switzerland.
"We are delighted with our important new step in the world of coffee," De'Longhi CEO Massimo Garavaglia said in a company statement this week. "Eversys admires our passion for perfection, quality and strong capacity for innovation - values that guided our founders Jean Paul In-Albon and Robert Bircher in achieving their dream."