Coffee Bean & Tea Leaf, the US-based café operator, which last week was acquired by Advent International and CDIB Capital, is seeking a master franchisee for the UK as it looks to make its debut here.
The company, which was launched in 1963 in Southern California, has grown into a global presence with more than 900 company-owned and franchised stores across 15 US states and spanning nearly 30 countries.
It is now looking to ramp up its presence in Europe and Asia.
Mel Elias, president and chief executive of The Coffee Bean & Tea Leaf, said: “We are excited to welcome Advent, CDIB Capital and Mirae as new investors in our company. 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.”
Advent’s Will Kussell, who will serve as vice chairman, said: “We see a number of attractive opportunities for further growth and look forward to working with the management to pursue these prospects. We will seek to develop the business by increasing the number of company-owned stores and supporting our franchisees in their development, all while maintaining a consistent focus on product quality and customer experience.”
Kussell previously served as president and chief brand officer of Dunkin’ Donuts Worldwide. There, he led the successful repositioning of the company as a coffee and bakery segment leader, increasing US sales from just over $1bn in 1994 to more than $5bn in 2009. He also established an international growth strategy for Dunkin’ Donuts that led to a 60% sales increase from 2004 to 2009.
