Coffee Giant Up For Grabs: Massimo Zanetti Considers 100% Sale as Bidders Circle
July 23 - 2026
Coffee Geography Magazine
Massimo Zanetti Beverage Group could change hands entirely in a deal that values the Italian coffee giant at up to €1.2 billion, after founder and chairman Massimo Zanetti indicated he is ready to sell his remaining stake alongside the roughly 70% holding of private equity backer QuattroR.
The process was originally launched as an exit for QuattroR, which rescued the Bologna-based business in late 2023. Zanetti’s willingness to part with his own shares now clears the path for a 100% takeover, drawing intense interest from global institutional investors.
At least six major private equity firms are studying the opportunity, according to people familiar with the matter. Blackstone, CVC, BC Partners, Advent, CapVest and One Rock Capital Partners are among the parties evaluating a bid. Lazard and Intesa Sanpaolo IMI are managing the sale.
The rush for the group comes on the back of a dramatic financial recovery. In late 2023, MZB Group was buffeted by severe debt pressures as volatility in green coffee prices, post-pandemic inflation and supply chain disruption took their toll. The Zanetti family brought in QuattroR, which injected fresh capital and took majority voting rights.
Under chief executive Pierluigi Tosato, appointed in 2024, the company delivered a far-reaching restructuring. Results for the 2025 fiscal year show revenue of about €1.3 billion, a 27% year-on-year increase. EBITDA jumped 72% from distressed 2023 levels to €86 million, while the group returned to a net profit of €2 million. Net financial debt fell to €317 million, a reduction of €104 million since QuattroR’s entry, transforming the company into an attractive acquisition target.
Massimo Zanetti
Massimo Zanetti founded the business in 1973 as a regional roaster. Its defining moment came in the late 1970s with the acquisition of Segafredo, which he built into the internationally recognised Segafredo Zanetti brand. Today the group operates in more than 110 countries, employs over 3,000 people and controls upwards of 40 coffee and tea labels.
Alongside its flagship brand, the portfolio includes Chock full o’Nuts and Hills Bros. in the United States, Boncafé in Asia and Kauai Coffee Company, which runs the largest coffee estate in the U.S. The vertically integrated supply chain stretches from its own cultivation estates to 21 roasting plants worldwide.
As bidding intensifies, any successful private equity buyer is expected to retain Pierluigi Tosato to ensure operational continuity across the group’s global brands. While no formal offers have been tabled, Zanetti’s readiness to sell signals that a full generational change at the company that processes roughly 150,000 tonnes of coffee a year is imminent. The outcome will reverberate across the global beverage sector.