Boston — A group of private equity companies, including Advent International and CDIB Capital, have joined together to acquire a significant equity position in International Coffee & Tea, which owns and operates stores under The Coffee Bean & Tea Leaf banner, with an eye on expanding in Asia. 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 Sept. 12 and financial terms of the agreement were not disclosed.
"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.
The Los Angeles-based Coffee Bean & Tea Leaf operates more than 900 company-owned and franchised stores across 15 U.S. states and spanning some 30 countries.