Local Starbucks venture bought out
Starbucks Corp. acquires full ownership of its 54 coffee shops in Hawaii
The local owner of the state's 54 Starbucks locations has sold out to Starbucks Corp., giving its Seattle-based partner full ownership of stores.
HAWAII SHOPS SOLD
What: Full ownership of 54 Starbucks outlets in the islands.
Buyer: Starbucks Corp.
Starbucks Corp. said yesterday that it had acquired the outstanding shares of its isles joint venture, Coffee Partners Hawaii, for an undisclosed price.
Starbucks previously had owned about 5 percent of Coffee Partners Hawaii, while the remaining 95 percent was owned by Cafe Hawaii Partners, a local entity affiliated with the MacNaughton Group and managed by President Greg Meier and Chief Executive Dean McPhail.
But the transaction does not end the local group's involvement in the retail food-service business. Cafe Hawaii Partners also owns 95 percent of JJC Hawaii LLC, which owns and operates Hawaii's Jamba Juice locations. Plus, through a separate entity, the local investors have a stake in PFC Hawaii, which plans to introduce the P.F. Chang's China Bistro concept to Honolulu beginning in August, with a location at the new Hokua condominiums on Ala Moana. The MacNaughton Group developed Hokua in a joint venture with A&B Properties and the Kobayashi Group.
Also, the MacNaughton Group will continue to provide real estate services to Starbucks for the next few years.
The deal will not affect the 1,100 workers at Starbucks retail outlets and at Coffee Partners Hawaii's corporate offices, the companies said.
Starbucks also acquired Cafe Hawaii Partners' 95 stake in Cafe del Caribe, which owns and operates Starbucks stores in Puerto Rico. Coffee Partners Hawaii opened the first Starbucks store on Oahu in 1996.