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Company Profile
•Ownership: Sponsor-owned (KKR)
•Industry: Food Tech/Self-service vending
•Primary markets: Europe (365k P.O.S machines)
•LTM Sales (Dec-31 2023): €1,351m
•Ratings: CCC /Caa3
•Market Share: ~10% (market dependent) in Europe (presence in 16 countries)
•Market position: #1 or 2 in coffee/food in 10 markers
•Channels: B2B/B2C
•Seasonality: Some during holiday season
•Customer concentration: Low
•KPIs: Net Sales/Machine/Working Day (“SMD”); Sales/FTE; Customer Retention
•LTM Adjusted EBITDA (Dec-23): €216.7m
•Main products: Self service coffee and hot drinks; cold drinks, snacks and fresh food; equipment and ingredients
•Employees: 6.5k
•Cost structure (% of FY22 sales): COGS: 43% (food drinks, spare parts); Salaries: 25% Overheads (IT/Fleet/RE/Logistics/PoS Maintenance/Selling): 13%
•Suppliers: Various with low concentration
•Primary Assets: Intangibles/PPE/Customer Contracts/Receivables/Inventory
•Facilities: Manufacturing/Distribution
•Logistics: Outsourced (TBC)
Geographic Segments by Revenue (FY22):
•South, UK & Ireland (31%): paid-vend, mixed channel vending - includes Italy, Spain and the UK & Ireland)
•Central (35%): paid-vend, mixed channel vending - includes Switzer-land, Germany, Austria and France, with a strong presence and expertise in the public business
•North (34%): free-vend, office coffee services (OCS) - includes Sweden, Norway, Finland, Denmark, Belgium, Netherlands, and the Pelican Rouge Roaster in the Netherlands
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