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Coffee Bean & Tea Leaf Bought by Philippines’ Jollibee for $350M
Los Angeles-based Coffee Bean & Tea Leaf is being acquired by Jollibee Foods Corp. in a $350 million deal with private equity firm Advent International and other investors. The Philippines’ biggest restaurant company will invest $100 million for an 80% stake in a Singapore venture set up with Vietnamese partners to acquire Coffee Bean. The balance will be in the form of advances.
Jollibee Chairman Tony Tan Caktiong said in a statement, “The acquisition of Coffee Bean & Tea Leaf will be Jollibee’s largest and most multinational so far with business presence in 27 countries.”
The deal adds 14% to Jollibee’s global sales, and expands its store network by more than a quarter. Coffee Bean was started in 1963, opening its first store in L.A. on the Westside in Brentwood in 1968. The chain has expanded to 1,189 stores, including a large number in Asia. It reported a net loss of $21 million on revenue of $313 million last year.
*Pictured rendering of Coffee Bean & Tea Leaf’s LA HQ
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
