te International, a subsidiary of Elite Industries, one of Israel’s leading food manufacturers, announced this week it has bought 40% of Doncafe Commerce, paying €15.3m (US$15.3m) for the coffee manufacturer based in Serbia and Montenegro, with an outfit in Bosnia.
A report in Haaretz notes that Elite received an option to buy for €7.4m another 10% stake in the Doncafe companies, which are expected to achieve sales turnover of €20m in 2002.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The total coffee market of Serbia and Montenegro is estimated at 25 tonnes a year, of which 95% is roasted and ground. Bosnia buys an additional 17 tonnes a year. Doncafe, according to the report, commands the second biggest segment, amounting to 30% of the market.
