N&W Global Vending joint venture with Cafection
Joint venture will enable EVA Member N&W to grow in the North American OCS market.
N&W a leading manufacturer of coffee machines for the vending, food service and office coffee segments, and the Quebec City-based coffee machines manufacturer Les Entreprises Cafection - announce that they have entered into a joint venture for the manufacture and sale of premium coffee machines for the North American office coffee service (OCS) market and for the development of Cafection machine sales in other countries.
The agreement will acquire 100% of Cafection and include access to N&W's capabilities. N&W will own a 67% stake in the joint venture, while the current Cafection owner, François Baron, will retain a 33% stake in the joint venture and become CEO.
The joint venture will continue with the well-known “Cafection” brand and will be based in Quebec City. Cafection was founded in 1996 and has been manufacturing coffee machines for more than 20 years. It is the leading manufacturer of bean-to-cup machines for the OCS market in North America.
The joint venture arrangements are expected to be completed during the month of July, subject to customary closing conditions.