Coffee Bean plots Asia expansion, may consider IPO or strategic sale
SINGAPORE (REUTERS) - The Coffee Bean & Tea Leaf, in which three private equity firms recently bought stakes, may consider an initial public offering or a strategic sale over the next few years as part of an exit strategy for investors, its CEO said.
The funding would allow the company to accelerate its growth plans in southern California and north Asia as it seeks to double its revenue from directly-owned and franchised-run stores in five years to a total of US$1 billion (S$1.26 billion), Mel Elias, also the president of the Los Angeles-based firm, said in an interview on Wednesday.
This is the first time Coffee Bean has provided financial details of the chain, which operates under the corporate name of International Coffee & Tea LLC.
Boston-based Advent International, along with Taiwan's CDIB Capital, agreed to buy a large stake in the coffee and tea retailer last month. Other investors in the deal include Asian firm Mirae Asset Private Equity and the Sassoon family, the largest existing shareholder in the chain.