MILAN, Nov 28 (Reuters) - Private equity fund Lone Star has hired Deutsche Bank to explore a potential sale of its Italian vending and coffee machine maker Evoca, Evoca CEO Andrea Zocchi told Reuters on Wednesday.
The move comes at a time when the coffee sector is being reshaped by a raft of M&A deals. Several parties have already presented unsolicited bids for Evoca, Zocchi added.
The group, which produces a wide range of coffee machines including Gaggia brand of professional equipment for bars and restaurants, could be valued at around 1.5 billion euros ($1.7 billion), daily Il Sole 24 Ore said last month.
A source familiar with the matter said five potential buyers had come forward so far. (Reporting by Francesca Landini, writing by Agnieszka Flak)