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IMM Private Equity mulls backing Korean coffee shop chain Hollys

4 Jul 2013

coffee__cafe170sqSeoul-based private equity firm IMM Private Equity is reportedly considering acquiring a majority interest in Korean coffee shop chain Hollys F&B.

IMM is looking to buy a controlling stake in the business for $44m, said the Wall Street Journal, citing a person familiar with the matter.

Hollys posted a $4.6m profit on sales of $57.5m last year, while Starbucks’ Korean unit booked a $16.5m profit on sales of $342m.

Sales are expected to increase as demand for foods including cakes and sandwiches rises, said one of the sources.

South Korea is ranked among Starbucks’ top ten international markets, the report noted.

Recent deals in Korea included Intel Capital’s investment in touchscreen technology specialist Zinitix.

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