Private equity groups Carlyle and Boyu Capital are the leading contenders to acquire a majority stake in Starbucks’ China business, as the US coffee chain seeks a local partner to help steer it through an increasingly competitive market.
Three people close to the deal process said the two groups were currently seen as Starbucks’ preferred partners, with a valuation for the full China business likely to come in at about $4bn, excluding royalties, which are still being negotiated.
Five private equity groups submitted binding offers last week, the people said. Starbucks executives are expected to make a decision by the end of the month, though the timeline is not final, they added.
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