Allianz sells vending machine operator Selecta to KKR

FRANKFURT: Allianz Capital Partners (ACP) has sold its majority stake in vending machine operator Selecta to buyout group KKR, drawing a line under its own private equity business.

Allianz did not disclose a price for the Swiss-based group, but two people familiar with the deal said that it was able to reap a small purchase price from the stake.

Selecta, which ACP bought in 2007 for 772 million pounds ($1.19 billion) backed by 690 million pounds of loans, marks the insurer's last direct private equity investment.

The company has refocused on infrastructure investments after several of its investments ran into trouble.

Selecta operates 145,000 vending machines, employs 4,500 people, and serves more than 6 million consumers daily with coffee, cold drinks and snacks.

KKR is buying a stake in Selecta of more than 90 percent with minority investor BlueBay staying invested.