New agreement will give Baristas Del Caribe, LLC, an affiliate of leading family-owned Puerto Rican group of companies Empresas Fonalledas, exclusive rights to operate Starbucks® stores in Puerto Rico, building on more than a decade of brand loyalty and trust
SAN JUAN, Puerto Rico, 2015-8-20— /EPR Retail News/ — Starbucks Coffee Company and Baristas Del Caribe, LLC, an affiliate of Empresas Fonalledas, a leading family-owned Puerto Rican group of companies, today announced that Baristas Del Caribe has acquired exclusive rights to operate Starbucks® stores in Puerto Rico. 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, building on more than a decade of brand loyalty and trust.
“This is the beginning of an exciting new chapter for Starbucks in Puerto Rico,” said Rich Nelsen, senior vice president and general manager for Starbucks Latin America. “Baristas Del Caribe is part of highly respected family-run group of companies that shares Starbucks foundational values of driving performance through the lens of humanity, as demonstrated by their strong history of investing in people, delivering an exceptional experience to customers, and creating opportunities for the communities they serve. By teaming up with Empresas Fonalledas we believe we can position the Starbucks retail business for continued expansion in the region and take the brand to even greater heights.”
Starbucks opened its first store in San Juan, Puerto Rico in 2002 and today has 19 stores across the island, employing more than 340 partners (employees). Upon successful completion of the transaction, Baristas Del Caribe will assume full operating control of Starbucks® stores in Puerto Rico, delivering the same exceptional service and high-quality, handcrafted beverages that customers have come to expect. Baristas Del Caribe also plans to accelerate growth by developing new stores over time.
“This agreement is not only a vote of confidence from Starbucks, but an opportunity to combine our expertise in the areas of commercial real estate, retail operations, and high quality products, with our in-depth knowledge of the market to further drive growth and profitability for one of the most respected brands in the world,” said Jaime Luis Fonalledas, Executive Vice President of Empresas Fonalledas Inc. “We are building on a strong foundation with Starbucks as our company’s Tres Monjitas brand currently serves as Starbucks fresh milk provider in Puerto Rico. Starbucks has also been part of our group of tenants in Plaza Las Américas for the last two years. We are thrilled to welcome Starbucks Puerto Rico partners to the Empresas Fonalledas family and look forward to continuing to work together to grow the Starbucks business here.”
“Since launching the brand in Latin America, we’ve grown to just over 880 stores across 15 markets, 14 of which are operated by trusted licensing partners,” added Nelsen. “We have a long and promising runway for growth in Latin America and collaborating with local partners is helping us leverage their proven market capabilities to create even greater value for both our customers and partners. We are proud to add Baristas Del Caribe to our strong network of licensing partners in Latin America and are confident that their operational excellence, combined with our shared values, will help open up exciting new opportunities ahead.”
View this press release in Spanish here.
About Empresas Fonalledas Inc.
Empresas Fonalledas Inc. (“EFI”) is part of a privately owned group of companies in Puerto Rico, with a tradition of quality business enterprises dating back to the late 1800s. Over the years, the group has managed holdings in urban, suburban and rural properties to 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. The portfolio of companies includes amongst others: the shopping centers Plaza Las Americas and Plaza Del Caribe; Office Buildings Torre Chardon, Parque Las Américas and Torre de Plaza; a Fresh Milk Plant Vaquería Tres Monjitas, Ganaderías Fonalledas and a soft ice cream Quick Service Restaurant (“QSR”) – Soft & Creamy. Empresas Fonalledas and its sisters companies, support multiple philanthropic organizations and are committed to the improvement of the communities on which they serve.
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 21,000 stores around the globe, Starbucks is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit our stores or online at Starbucks.com and news.starbucks.com.
Certain statements contained in this release are “forward-looking statements” within the meaning of applicable securities laws and regulations, including statements about market growth and store count projections. Such forward-looking statements are based on current management expectations and satisfactions of certain conditions that are subject to various risks and uncertainties, including market conditions and those risks detailed in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Starbucks Annual Report on Form 10-K for the fiscal year ended September 28, 2014, and the prospectus and prospectus supplement delivered in connection with the public offering of senior notes discussed in this release. The company assumes no obligation to update any of these forward-looking statements.
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SOURCE: Starbucks Coffee Company