Italian roasted coffee company Massimo Zanetti Beverage Group has purchased Australian peer Bean Alliance for A$24 million ($17.4 million).

Massimo Zanetti said that the purchase will significantly boost its presence in Australia’s premium coffee sector.

The company added that Bean Alliance’s acquisition opens up an additional development opportunity in the Asia-Pacific market.

In the fiscal year ended June 30, 2018, Bean Alliance generated annual revenues of $17.7 million.