CIBO to become Gloria Jean’s in multi-million-dollar deal
A Queensland-based retail group has purchased CIBO Espresso and plans on turning the cafés into Gloria Jean’s.
ASX-listed Retail Food Group has acquired CIBO Espresso – an Adelaide-based coffee franchise founded about 24 years ago – for $2.7 million, with plans to turn the stores into Gloria Jean’s cafes.
Announced to the ASX yesterday, RFG has acquired 100 per cent of the share capital of CIBO Espresso Holdings including intellectual property from Retail Zoo – Janine Allis’ food and drink stable that owns Boost Juice, Salsas Fresh Mex and Betty’s Burgers.
Retail Zoo bought CIBO for an undisclosed sum in 2012. It was founded in 2000 by Roberto Cardone, Salvatore Pepe, Angelo Inglese and Claudio Ferraro, who opened the first CIBO on Rundle Street.
RFG says the deal gives it “immediate access to 22 retail locations including 4 company-owned outlets”.
The company will invest approximately $1.3 million into the South Australian network to “provide compelling incentives for CIBO Espresso Franchise Partners to accelerate their transition to Gloria Jean’s”.
This includes access to Gloria Jean’s cold beverages, food offerings, a “larger core brand with a global presence” and an “upfront capital commitment for rebranding and equipment”.
The transaction will complete mid FY25, with RFG noting the deal gives it an enhanced presence in South Australia.
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“RFG is focused on coffee as a core business and our global scale drives benefits for Franchise Partners alongside expansion of products upon conversion to Gloria Jean’s with a broad cold beverage offer and Acai an immediate opportunity to drive network sales growth,” RFG said.
“Franchise partners will also benefit from a larger marketing fund upon conversion.”
RFG CEO Matt Marshall said the acquisition aligned “perfectly with our strategic goal to grow our core brands in the Café, Coffee, Bakery channel and is an important step to deliver Gloria Jean’s bold ambition to become the most visited beverage destination in the world”.
Retail Zoo and CIBO have been approached for comment.
