Three companies acquired a significant stake of L.A.’s privately-held International Coffee & Tea, which owns and operates Coffee Bean & Tea Leaf, the companies announced Thursday.
Advent International in Boston, CDIB Capital in Hong Kong and Mirae Asset Private Equity in Seoul acquired the stake for an undisclosed amount.
“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, Coffee Bean & Tea Leaf’s chief executive, said in a statement.
Coffee Bean’s Executive Chairman Sunny Sassoon and Coffee Bean’s Asia Pacific’s Chief Executive Victor Sassoon, previously the largest existing shareholders, remain significant shareholders according to the statement.
Coffee Bean has more than 900 company-owned and franchised stores in nearly 30 countries.