Keurig Green Mountain, Inc. will spend $220 million to purchase a European competitor in the at-home beverage brewing market.
The Waterbury-based company has announced it will use cash on hand to purchase the company that makes the Bevyz multi-drink system, which dispenses a range of both hot and cold beverages.
Keurig has long dominated the domestic home single serve hot beverage market and earlier this year introduced Keurig 2.0 which also brews carafe sized portions of hot drinks.
The company has partnered with Coca-Cola and plans to introduce a single serve carbonated and non-carbonated cold drink system in the fall of 2015.
Bevyz has also positioned itself to enter the cold drink market with a system capable of brewing both cold and carbonated drinks and hot beverages. Earlier this year, the company announced a partnership with PepsiCo.
Keurig already owned a 15 percent share of Bevyz.
In a press release, Keurig said Bevyz's approximately 50 employees will continue to work at facilities primarily in the Netherlands and Malta.
According to Brian Kelley, Keurig's president and CEO, “The acquisition of Bevyz adds unique and complementary technology and research and development capabilities."
