|Bevyz is the Sliema, Malta-based developer of a patented single-portion, multi-drink system that dispenses hot and cold beverages.|
WATERBURY, VT. — Keurig Green Mountain has agreed to acquire the remaining shares of MDS Global Holding P.L.C., or Bevyz, in a transaction valued at approximately €178 million ($220 million). The K-Cup creator currently owns about 15% of Bevyz, the Sliema, Malta-based developer of a patented single-portion, multi-drink system that dispenses hot and cold beverages. The transaction is expected to close in the next month.
“The acquisition of Bevyz adds unique and complementary technology and research and development capabilities,” said Brian Kelley, president and chief executive officer of Keurig. “As a result of our strong balance sheet, we’re able to make this strategic acquisition while investing in organic growth and returning cash to shareholders.”
The acquisition of Bevyz strengthens Keurig’s leadership in innovative brewing technology. The company is set to introduce the Keurig Cold platform in the fall of 2015. The system, which is being developed in a partnership with the Coca-Cola Co., Atlanta, will produce a range of cold beverages that include carbonated drinks, enhanced waters, juice drinks, sports drinks and teas.
Earlier this year, Bevyz announced a partnership with Cuisinart, the Stamford, Conn.-based appliance company, to debut a countertop beverage platform equipped with an internal boiler, carbonator and cooling system to produce hot or iced tea, hot chocolate, coffee, juice, sodas, cocktails, soups, sparkling water and more.
Bevyz’s approximately 50 employees will join Keurig’s technology and product systems teams and will continue to work in The Netherlands and Malta.“We are extremely excited about this development as we believe Keurig’s innovative approach and business model are directly aligned with our mission to deliver superior, in-home beverage experiences to consumers,” said Edouard Sterngold, founder and c.e.o. of Bevyz. “We’re excited to become part of the Keurig team and believe this acquisition is financially compelling for our shareholders and creates new opportunities for our employees.”