Starbucks acquires local coffee company
By Zheng Lifei (China Daily)
Updated: 2006-10-25 11:17
Starbucks had 190 stores in 19 cities throughout the Chinese mainland by October
1 this year. It opened its first store in Beijing in 1999.
This is the second time the US coffee shop giant has increased its equity
stake in a local joint venture.
In 2003, Starbucks reportedly paid US$21.3 million to raise its 5 per cent
stake to 50 per cent in Shanghai Uni-President Starbucks Coffee Ltd, a joint
venture that was 95 per cent-owned by Taiwan-based Uni-President Group.
Shanghai Uni-President Starbucks Coffee Ltd is responsible for Starbucks'
operations in Shanghai and neighbouring Jiangsu and Zhejiang provinces.
The possibility of Starbucks further raising its stake in the Shanghai
venture remains, according to Coles, but he would not elaborate.
H&Q Asia Pacific, an Asia-focused private equity firm that has US$2.1
billion in assets under its management, bought a majority stake in Beijing Mei
Da in 1998 for US$10 million, according to Bloomberg reports, citing Vincent
Pun, senior research manager at Asian Venture Capital Journal in Hong
Kong.
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