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BRISBANE'S Di Bella Coffee Group is now officially under the control of listed franchisor Retail Food Group (ASX: RFG).
The share purchase agreement, worth $30 million and announced in November, settled on Wednesday.
It marks a new chapter in the business career of former Brisbane Young Entrepreneur of the Year Phillip Di Bella (pictured), who retains his position within the group he founded.
Di Bella is expected to continue driving the business forward in a hands-on role with existing staff to remain in place.
The Di Bella buyout, which adds to RFG's suite of significant acquisitions this past year including the US-based Gloria Jean's Coffee, comprises $27.4 million in cash and $2.6 million in RFG shares.
RFG chief executive Tony Alford says both the due diligence conducted by RFG and the year to date performance of Di Bella Coffee Group has affirmed RFG's decision to acquire the specialist coffee house.
"Not only does the transaction provide RFG with an immediate and genuine footprint within the specialist coffee market, it complements and completes the company's coffee and allied beverages strategy via the establishment of tangible service platforms within franchise system, 'in home', contract roasting and specialty coffee markets," Alford says.
RFG, which this week saw its market value crack $1 billion, says further details regarding the deal will be revealed when it releases its profit results next week.
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