A round-up of the latest major deals from across the global coffee industry, including major stake sales at China’s Luckin Coffee, Vietnam’s Highlands Coffee and Turkey’s Espressolab
Abu Dhabi sovereign wealth fund takes $1bn minority stake in Luckin Coffee
Mubadala Investment Company has agreed to acquire a $1bn minority stake in Luckin Coffee as it seeks a greater foothold in China’s $7.2bn consumer market.
The deal, subject to customary closing conditions, has been made in partnership with Luckin’s controlling shareholder, Centurium Capital, whose 22.08% beneficial ownership in the value-focused coffee chain remains unchanged.
Luckin currently operates over 36,000 outlets in China, with a further 250 international sites across Singapore, Hong Kong, Malaysia and the US.
Jollibee Group cedes control of Highlands Coffee with stake sale
In February 2026, Filipino foodservice group Jollibee said Highlands Coffee has the potential to become a ‘billion-dollar brand’, hinting that it could be preparing for the Vietnamese coffee chain for a standalone IPO.
Seven months later, Highlands has attained a fresh valuation as part of an $88m stake sale between Jollibee and Viet Thai International Joint Stock Company (VTI), the business owned by Highlands Founder and CEO David Thai.
$1bn investment shows Starbucks has firmly embraced Brian Niccol’s vision
When appointed Starbucks Chairman and CEO in September 2024, Brian Niccol was clear in his assessment: the US coffee chain had become overly transactional, service was too slow, and menus were overly complex.
With a proven turnaround record at Chipotle, Niccol quickly implemented his Back to Starbucks brand reset at the end of 2024, focused on returning the operator to its ‘coffeehouse roots’ with stores more suited to longer customer visits and greater barista engagement.
The strategy is now backed by a new $1bn investment, which will primarily focus on thousands of coffee shop uplifts.
UAE-listed Mair Group to acquire controlling stake in Turkey’s Espressolab
Espressolab’s bid to more than double its global store network over the next 18 months has been given a vote of confidence – and a timely injection of investment.
The Istanbul-based specialty coffee chain currently operates 300 stores in Turkey alongside more than 100 international outlets across 20 markets. It has now partnered with UAE investment firm Mair Group to accelerate its next phase of international growth.
Kopi Kenangan founder gives clearest indication yet that IPO is imminent
Kopi Kenangan Founder Edward Tirtanata has increased his stake in the Indonesian coffee chain, with several existing stakeholders also buying additional shares.
Tirtanata co-founded Kopi Kenangan in 2017 and, as CEO, has scaled the Jakarta-based business to more than 1,500 stores across seven markets.
His investment is part of an ongoing funding round and primarily includes the purchase of shares from early team members and shareholders. Existing investors Alpha JWC Ventures, Tybourne Capital Management and Horizons Ventures also increased their stakes.
Major retailer acquires South Africa’s largest coffee chain, Vida e Caffè
South Africa’s largest branded coffee chain has been snapped up by one of the region’s largest supermarket retailers.
Founded in 2001, Cape Town’s Vida e Caffè reached 400 stores in June 2026 and is on track to reach 500 stores globally by 2028.
Its next phase of growth will now be led by South African retail giant Shoprite, which purchased a 100% stake in the chain on 1 September 2026.
7 Brew outbids Dutch Bros for 73-drive-thru stores acquisition
Arkansas-based 7 Brew has been successful in its bid to acquire dozens of Salad and Go sites at a bankruptcy auction – dealing a blow to US drive-thru rival Dutch Bros.
The fast-growing coffee chain challenged an agreement between Dutch Bros and Salad and Go, which filed for bankruptcy on 5 August 2026, taking the case to a targeted two-party auction.
With Dutch Bros declining to increase its original $105m bid, 7 Brew now has a clear path to acquire a total of 73 Salad and Go drive-thru sites across Arizona, Texas, Nevada and Oklahoma for a combined $143.2m.
Spanish beer giant Mahou San Miguel snaps up two B2B coffee brands
In October 2025, Spanish beer giant Mahou San Miguel diversified its beverage portfolio with the launch of Café 170, a packaged coffee brand for the Horeca sector.
Less than 12 months later, the business has increased its share in the Spanish B2B coffee market by acquiring the La Flor del Café and Gran Café Royale brands from wholesale group Disbesa Darnés.
US private equity firm exploring Evoca Group sale, report says
US private equity firm Lone Star Funds is reportedly exploring strategic options for Italian professional coffee machine manufacturer Evoca Group.
Lone Star acquired Evoca, then trading as N&W Global Vending, from Equistone Partners Europe in March 2016 for a reported $689m. Ten years later, it is now evaluating several potential exit and restructuring options, according to Bloomberg.
Any potential buyer would be snapping up a well-respected coffee group with a strong brand portfolio, which includes the Gaggia, Necta, Saeco and Wittenborg professional coffee machine ranges.
