Starbucks Corporation (NASDAQ:SBUX), the world’s premier roaster and retailer of specialty coffee, has sold the exclusive right to operate Starbucks stores in Puerto Rico to Baristas Del Caribe, LLC (Baristas), an affiliate of Empresas Fonalledas, Inc. Financial details have not been disclosed.
Starbucks Puerto Rico opened its first store in 2002 and today has 19 stores across the island, located primarily in San Juan and Carolina.
Baristas is an affiliate of Empresas Fonalledas Inc. (EFI), a leading family-owned group of companies in Puerto Rico, with a long-standing tradition of quality business enterprises. Over the years, the group has managed various holdings in urban, suburban and rural properties, including dairy cattle operations, a milk processing plant, non-dairy food industries, plastics manufacturing, office buildings, banking operations both home and abroad, commercial and residential properties, and shopping centers.
Starbucks Corporation, with revenues of approximately US$16.5 billion, is the premier roaster and retailer of specialty coffee in the world with more than 23,000 stores globally. The company offers its products under the brand names Starbucks, Teavana, Tazo, Seattle’s Best Coffee, Evolution Fresh, La Boulange, Ethos, Starbucks VIA, Seattle’s Best Coffee, Frappuccino, Starbucks Doubleshot, Starbucks Refreshers and Starbucks Discoveries Iced Café Favorites. Starbucks Corporation was founded in 1985 and is based in Seattle, Washington.
Through a strategic licensing agreement, Baristas Del Caribe will leverage its strong local market knowledge to further grow the Starbucks retail business in Puerto Rico. One of Oaklins' teams in the USA assisted Starbucks Corporation in attracting a partner that shares not only its passion for high quality coffee but also its commitment to engaging locally with its customers and communities.
Philip S. Krieger
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