News

Investor group acquires equity in The Coffee Bean

September 25, 2013

Advent International announced that it has partnered with CDIB Capital to acquire a significant equity position in International Coffee & Tea LLC, which owns and operates The Coffee Bean & Tea Leaf, according to a company press release.

Other investors participating in the transaction include Mirae Asset Private Equity and the Sassoon family, which is the largest existing shareholder of The Coffee Bean, and is remaining as a substantial shareholder. The transaction was completed on Sept. 12 and financial terms of the agreement were not disclosed.

The Coffee Bean & Tea Leaf has grown into a global presence with more than 900 company-owned and franchised stores across 15 U.S. states and spanning nearly 30 countries.

"We are excited to welcome Advent, CDIB Capital and Mirae as new investors in our company," said Mel Elias, president and CEO of The Coffee Bean & Tea Leaf. "This is an important and exciting development for our customers and team members, reflecting the strong international growth and continued opportunity for coffee, particularly in Asia. It is also a testament to our people and products, our growing reach around the world and the strength of our brand, in the coffee, and especially, tea category."

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