The group closed a syndicated loan of 70 million to finance part of the repurchase
Grupo Vips has done it again with 100% of Starbucks Coffee Spain after repurchase the 49% holding in two years and then sell to the American multinational, as announced Friday the group chaired by Placido Arango.
Specifically, Vips, Starbucks partner since 2001 to operate and develop the brand exclusively in Spain, and Starbucks Coffee have reached an agreement whereby the Spanish group repurchase 49% of the company that sold Starbucks Coffee Spain in September 2013 .
In addition, both groups have extended the loan spell of brand development, ending in 2021, until 2030. Thus, Vips returns to control 100% of Starbucks Spain and Portugal, the last country in which the Spanish company already he had and still maintains today 100% of Starbucks Coffee Portugal, to be excluded from the operation of 2013.
Arango stressed that this agreement is “a sign of the excellent relations that from the beginning of our partnership has been established between the two companies.”
70 million credit
In parallel, Grupo Vips has signed a syndicated loan of up to EUR 70 million with a group of four banks: BBVA, Santander, Sabadell and Popular. This funding, which will be used in part to the acquisition, also serve to refinance existing debt amounting to over 26 million euros and will allow additional resources to increase the pace of reform and modernization of the network of group entities 2016 and 2017.
The company stressed that the positive development, which has successfully completed its transformation plan and starts a new stage of growth, made possible repurchase operation. The purpose of the sale in 2013 was precisely to obtain the necessary financing to complete the implementation of the transformation plan without recourse to new borrowing.
Sum 90 stores in Spain
Starbucks currently has 90 stores in Spain and 11 in Portugal and plans a dozen openings and 10 store comprehensive reforms in 2016. Despite the adverse situation of the Spanish market in recent years, the brand has continued to improve its ratios, highlighting, according to the company, its good performance in sales, “remarkable” growth in gross operating profit (Ebitda) and the rise in the number of units.
Courtesy Car Service Barcelona