Founded in Southern California in 1963, The Coffee Bean & Tea Leaf has become one of the largest privately-owned coffee and tea retailers in the world. Known for sourcing direct from the best independent growers, its emphasis on premium, handcrafted flavor is central to the company's identity, resonating with its expanding customer base both in the US and abroad.
We invested in The Coffee Bean & Tea Leaf in 2013, attracted by the strength of the brand and its connection with its consumers. With a rising culture of coffee consumption globally, and particularly in Asia, we saw a number of attractive opportunities to grow the business and increase its market share. Here, the regional expertise of our Shanghai team played a key role in the deal.
The business currently has more than 900 stores spanning 15 US states and nearly 30 countries, as well as products in grocery stores, restaurants and offices. We see a number of attractive opportunities for further platform growth including increasing the number of company-owned stores, introducing a variety of store-level initiatives aimed at driving accelerated top-line sales growth and expanding franchise operations, especially across key Asian markets.