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.