November 28, 2018 / 6:11 PM / 12 days ago

Evoca owner hires Deutsche Bank to explore sale of coffee machine group

MILAN, Nov 28 (Reuters) - Private equity fund Lone Star has hired Deutsche Bank to explore a potential sale of its Italian vending and coffee machine maker Evoca, Evoca CEO Andrea Zocchi told Reuters on Wednesday.

The move comes at a time when the coffee sector is being reshaped by a raft of M&A deals. Several parties have already presented unsolicited bids for Evoca, Zocchi added.

The group, which produces a wide range of coffee machines including Gaggia brand of professional equipment for bars and restaurants, could be valued at around 1.5 billion euros ($1.7 billion), daily Il Sole 24 Ore said last month.

A source familiar with the matter said five potential buyers had come forward so far. (Reporting by Francesca Landini, writing by Agnieszka Flak)

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