Eden Springs, the parent company of Mey Eden, announced Wednesday its acquisition of British coffee company Shakespeare and Co. through its subsidiary in Britain.
The company reported that the incorporation of the thousands of Shakespeare's customers into Eden Spring's customer base, coupled with the company's expertise in the field of coffee, would promote the group's activity in the area of coffee services to offices throughout Europe.
Shakespeare and Co. has an annual turnover of over €8 million (about $11.5 million) and operates over 4,500 locations throughout Scotland, England and Wales. The company specializes in the operation and sales of coffee and hot beverage machines.
Meanwhile Wednesday, Mey Eden's share took a dive of over 20% on Tel Aviv Stock Exchange on a trade volume of over NIS 2 million ($570,000) on the backdrop of the rights issue, whereas the share's average trade volume is NIS 62,000 ($17,650).
Mey Eden's controlling interest (70%) is held by Roni Naftali, who is also the company's chairman.