Los Angeles-based Coffee Bean & Tea Leaf Gets Massive Private Investment

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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 Lea(“The Coffee Bean”), the oldest and largest privately-held specialty premium coffee and tea retailer in the United States. Other investors participating in the transaction include Mirae Asset Private Equity and the Sassoon family (the latter is the largest existing shareholder of The Coffee Bean, and is remaining as a substantial shareholder). The transaction was completed on September 12th and financial terms of the agreement were not disclosed.

Today, 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. The Company’s products are also featured in grocery stores, restaurants and offices. The Coffee Bean & Tea Leaf has developed a loyal customer following and remains dedicated to providing the highest quality products and customer service.

“We are excited to welcome Advent, CDIB Capital and Mirae as new investors in our company,” said Mel Elias, President and Chief Executive Officer 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.”

Sunny Sassoon, Executive Chairman of The Coffee Bean & Tea Leaf, and Victor Sassoon, The Coffee Bean’s CEO Asia Pacific, said in a joint statement, “Since 1996, we have worked very hard to build The Coffee Bean into the global and innovative company it has become today that touches the lives of millions of guests every week. The Coffee Bean & Tea Leaf celebrates its 50th anniversary this year and we feel very blessed and excited to join our new partners in continuing to realize the Company’s significant potential as we look forward to the next 50 years of growth on all levels.” READ MORE

Source: Advent International

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