Rancilio takes majority stake…
Giorgio Rancilio, President & CEO of the company, is pleased to announce that on 5th June 2008, Rancilio spa completed the acquisition of 53% of the Swiss company Egro Coffee Systems AG, the historic brand that manufactures fully automatic professional coffee machines for bars, of which Rancilio already held a 25% stake, and now controls the company based in Niederrohrdorf, near Zurich.
Rancilio S.p.A. holds now 78% of the shares in Egro Coffee Systems, whereas the participation of members of the Management reamains unchanged at 22% . Giorgio Rancilio will take over the management of Egro Coffee Systems with immediate effect and Luca Rancilio will act as CFO.
The Egro brand and the company were founded in back in 1849 by Castor Egloff. He made the first model in 1934, and then developed and produced the ”Mikado” in 1972, the world’s first ever fully automatic professional coffee machine.
In 2007, the Swiss company had a CHF 26 million business and 80 employees. Now it also has a commercial branch in Switzerland and in Germany and a sales office in Hong Kong. So Rancilio Group can count on many factories and sales offices throughout the world, research that covers every technological aspect, and worldwide relations and partnerships, which have always been the strengths and strategic focus of the Rancilio family since the roots of the company and keeping on the original idea of the founder Roberto Rancilio who started this journey back in 1927, and then passed it on to his children and then onto the third generation of Rancilio – Giorgio, Roberto, Silvia and Luca, who now run the company.
The company’s consolidated results have made the group a leader in the Ho.Re.Ca. industry and in the market of professional coffee machines with revenues of more than Euro 60 million
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. For the Group’s President, Giorgio Rancilio, ”this event represents a fundamental step in the growth and development of our entire company: we still have a lot of work to do, but we can confidently say that the hard work and commitment of all the men and women who have always worked for the Rancilio and Egro brands are the certainty on which we wish to build our future”.
Further information: www.rancilio.com
Source: www.rancilio.com
