Multinational coffee trading and development group Neumann Kaffe Gruppe (NGK) has acquired Norwegian specialty coffee trading company Nordic Approach and its sibling company Tropiq.
The financial terms of the acquisition were not publicly disclosed, but Hamburg, Germany-based NKG said it involves a majority share in the Nordic Approach group.
Since its founding by Morten Wennersgaard and Andreas Hertzberg in Oslo in 2011, Nordic Approach has been focused primarily on high-quality, traceable specialty coffees with progressive approaches towards long-term producer partnerships and equitable pricing.
The Tropiq business was launched as a spinoff in early 2018, expanding in-country operations in specific coffee-producing countries while expanding access to green coffees for roasters/buyers. The company has operations in Oslo, Addis Ababa (Ethiopia) and Bogotá (Colombia).
“We are confident that we now are in an ideal position to expand our specialty business, not just in Scandinavia, but across Europe, Asia and the Middle East,” NKG Group CEO David M. Neumann said in an announcement of the acquisition today. “At the same time, we will become better business partners for producers and sellers of the highest quality coffees and to offer a full range of green coffee and coffee related services to the high-quality focused Scandinavian market.”
As part of the deal, Wennersgaard and Hertzberg will continue to lead Nordic Approach and Tropiq as managing directors, while also remaining minority shareholders.
“Nordic Approach, Tropiq and NKG are aligned in the focus on sustainability and supporting coffee growing communities at scale,” the two said in NKG’s announcement. “We believe that this step will open doors to new possibilities, collaborations, and resources that will benefit our team, our customers and the specialty coffee community.”
Source: Daily Coffee News
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