Starbucks Corp. has taken ownership of its coffeehouse operations in Brazil in a move to gain access to the largest consumer market in South America, the company said Thursday.
The Seattle-based company has assumed 100 percent ownership of Cafés Sereia do Brasil Participações S.A., which operates more than 20 stores throughout Brazil. Starbucks said the group's current management team will remain in place.
“We have been an active member of local communities throughout Brazil since 2006,” Ricardo Carvalheira, managing director of Starbucks Brazil, said in a statement. “As a result of all our dedicated partners, we made strong inroads that position us perfectly for continued growth in the market and we are deeply committed to the potential that it offers.”
With the acquisition, Mexico City-based restaurant company Alsea S.A.B. sold its 11.06 percent minority stake in Starbucks Brazil. Alsea, which franchises several U.S.-based brands throughout Latin America, will continue to operate Starbucks locations in Mexico, Chile and Argentina, Alsea said.
In a similar move last year, Starbucks Corp. took ownership of its units in France, converting that market to a company-owned operation while maintaining the same management team.
Starbucks operates or licenses 16,737 units, including 5,606 international locations.
Contact Lisa Jennings at [email protected].