[THE INVESTOR] A consortium led by Mirae Asset Global Investments, Korea’s largest asset management firm, has failed to sell a majority stake in Coffee Bean & Tea Leaf, according to industry sources on Oct. 22.
The consortium had picked Morgan Stanley as the deal manager in August. Since then, it has been discussing with five global investors to sell a 75 percent stake in the California-based coffee chain operator.
As the plans have fallen through, the consortium is making adjustments to sell next year.
Back in 2013, Mirae Asset Global acquired the California-based coffee chain operator by forming a consortium with global private equity funds including CDIB Capital and Advent International. At the time, the Korean PEF acquired 20 percent stake in the coffee franchise firm by investing 60 billion won (US$53.14 million).
Established in 1963, Coffee Bean has over 900 outlets in 30 different countries. The company started operating in Korea in 2001 after signing a contract with Korean fashion company Starluxe and its sales reached 157.6 billion won last year.
By Song Seung-hyun (firstname.lastname@example.org)