Mirae Asset Private Equity also took part in the deal alongside the Sassoon family, the largest existing shareholder of the business, which will retain a substantial holding.
Former Dunkin’ Donuts president and chief brand officer Will Kussell, a member of Advent’s operating partner programme, will become vice chairman of The Coffee Bean.
He said, “The Coffee Bean has established an impressive brand and global platform over the past 50 years.
“We see a number of attractive opportunities for further growth and look forward to working with The Coffee Bean’s management to pursue these prospects.
“We will seek to develop the business by increasing the number of company-owned stores and supporting our franchisees in their development, all while maintaining a consistent focus on product quality and customer experience.”
Earlier in the summer it emerged that US private equity firm TPG Capital was seeking exit alternatives from Strauss Coffee, in which it holds a 25 per cent stake.
Israel’s food and beverage company Strauss Group confirmed it was conducting a review with TPG Capital, which has been an investor for the past five years.
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