SPAIN/UK: 3i buys 47% of coffee chain Cafe & Te
UK private equity firm 3i said today (19 January) that it has purchased a 47% stake in Spanish coffee chain Cafe & Te for an undisclosed amount.
The deal valued Barcelona-based Cafe & Te at EUR40m (US$48.4m) and changed its shareholding structure. Chain founder Gustavo Ron will now own 51% of the company, 3i wil have 47% and FF Corporacion 2%.
Spanish investment firm Catalana d'Initiciatives sold its 29% stake in Café & Te to 3i.
Cafe & Te has 80 self-owned cafeterias in the Spanish market, which is being invaded by bigger US rival Starbucks.
The company's sales totalled EUR30m last year.
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