Private equity firms take large stake in Coffee Bean & Tea Leaf
Three private-equity firms acquired a significant equity stake in The Coffee Bean & Tea Leaf, a premium coffee and tea retailer. Investors include US-based Advent International, as well as CDIB Capital and Mirae Asset Private Equity from Hong-Kong. The Coffee Bean & Tea Leaf is one of the world's largest independent and privately owned coffee and tea retailers, with over 900 locations in 30 countries and a particularly strong presence in Asia. For example, the company operates about 250 locations in South Korea alone, and has been expanding aggressively in China, India, Indonesia, Malaysia, Singapore and Vietnam. According to the company's CEO, there is still significant growth potential in the US and Asia, as The Coffee Bean & Tea Leaf plans to add more company and franchisee-owned stores. The terms of the transaction were not disclosed.