A branch of A Twosome Place in a photo provided by CJ Foodville.
SEOUL, Nov. 19 (Korea Bizwire) — Carlyle Group, one of the world’s largest global private equity firms, said Friday it has acquired A Twosome Place, a major coffee chain operator in South Korea, as part of efforts to build a foothold in the country’s retail sector.
Carlyle said it “has entered into a definitive agreement to acquire A Twosome Place” from Anchor Equity Partners, a Hong Kong-based private equity firm.
“Carlyle will leverage its consumer and retail industry expertise, global network and resources to further strengthen the A Twosome Place brand, optimize its store footprint, and enhance its product offerings and marketing capabilities,” according to a press release posted on the company’s website.
It did not provide other details, such as acquisition prices.
Last year, CJ Foodville, the restaurant arm of South Korea’s CJ Group, sold the coffee chain operator to Anchor Equity Partners for some 200 billion won (US$169 million) in a bid to improve its financial footing.
Established in 2002, A Twosome Place currently operates more than 1,400 stores, offering a variety of coffee and dessert choices to customers.
“A Twosome Place has built a strong brand and positioning as a leader in South Korea’s premium cafe sector,” John Kim, managing director at Carlyle, said.
“We look forward to working with the CEO Young-Sang Yi (of A Twosome Place) and his experienced management team to further build upon the strong franchise network and capture the significant white space in the Korean market,” Kim added.
(Yonhap)
