Starbucks China Rival Seeking Funds at $1.2 Billion Value, Sources Say
- % Arabica’s Chinese operator may raise about $300 million
- Coffee chain counts investors PAG, General Atlantic as backers
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The China operator of coffee chain % Arabica is weighing a new funding round and could seek a valuation for its business in the country of as much as $1.2 billion, according to people familiar with the matter.
Lucky Ace International Ltd., which holds the exclusive franchise of the Japanese coffee retailer in Greater China, is looking to raise about $300 million to bankroll its expansion and has reached out to potential investors for the round, the people said. Lucky Ace was valued at about $800 million to $900 million in its last funding round, said the people, who asked not to be identified as the information is private.