Starbucks Corp said it has acquired High Grown Investment Group (Hong Kong) Ltd from private equity firm H&Q Asia Pacific and other shareholders.
High Grown is the controlling shareholder of Beijing Mei Da Coffee Co Ltd, the operator of over 60 Starbucks retail stores in Beijing and Tianjin.
Financial terms of the transaction were not disclosed.
‘Acquiring High Grown will allow us to substantially increase our ownership in Mei Da, and consequently our business in Beijing and Tianjin - two very important markets with tremendous growth potential,’ Starbucks Greater China president Wang Jinlong said at a news briefing in Beijing.
Starbucks International president Martin Coles added that the Chinese market is of significant strategic importance to the company, with the growth markets including Beijing, particularly with the Olympics approaching in 2008, and other large mainland cities, Coles said.
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