Three global investment firms have acquired a stake of Los Angeles-based Coffee Bean & Tea Leaf, which has been aggressively expanding in California and beyond.
International Coffee & Tea, LLC, which owns and operates the brand, yesterday announced the investments from Advent International, a global firm specializing in the retail sector, and two firms headquartered in China, CDIB Capital and Mirae Asset Private Equity. The three companies effectively supplant the Sassoon family, led by brothers Sunny and Victor Sassoon, as the largest shareholders of The Coffee Bean.
“This is an important and exciting development for our customers and team members and marks a new age of significance and expansion for The Coffee Bean,” Mel Elias, President and Chief Executive Officer of The Coffee Bean said in a company announcement. “The coffee sector continues to be very dynamic, led by strong international growth and significant strategic interest, which in turn provides added promise and opportunity. It is also a testament to our people, products, and strength of our brand, both domestically and internationally, in the coffee, and especially, tea category.”
The company already operates more than 900 retail locations throughout the world.