Sri Lankan coffee company receives investment from local tea exporter
The Colombo Coffee Company (CCC), which is a café operator and provider of branded coffee for restaurants and hotels, has reportedly stated that it had received a Rs. 100 million equity investment from a local tea exporter, Akbar Brothers.
The Colombo Coffee Company has stated that the new capital would be used to expand its Barista and Caramel Pumpkin cafés.
“Being the largest tea exporter in Sri Lanka, it made sense for us to partner with CCC to better serve customers with tea and coffee solutions,” Imran Akbarally, Director, Akbar Brothers has been quoted as saying.
“We are very excited about this new partnership and having Ironwood Capital Partners and Crossbrand Investments as our co-investors in this journey.”
The Colombo Coffee Company franchises international and its own brands of coffee and beverage making machinery to the hotel, restaurant and café (HORECA) market and its brands include Lavazza, Toscana, La Cimbali and Gaggia.
“Thanks to a combined effort from the group, we are enjoying our strongest position yet within the HORECA and café segment in Sri Lanka,” Colombo Coffee Company Chairman Hiran Embuldeniya has said.
“Having Akbar Brothers on this journey allows us to expedite growth, and drive initiatives such as bringing back Sri Lankan coffee to the global map.”
According to the eight year old firm, it is now the largest supplier of coffee solutions to the hotels and restaurants in Sri Lanka.
OSL take:
The investment received by the local coffee company from a local tea exporter is indicative of two things – first is the strength and growth of the country’s private sector. The next is the growing business potential in the country’s coffee sector. The increase in economic activity in the country and the increase in the number of tourists/business visitors arriving in the country, the local tea and coffee markets have seen an expansion. Also, foreign businesses/investors in the local tea/coffee markets could also make use of the many trade agreements as well as trade concessions enjoyed by Sri Lanka.
| Article Code : | VBS/AT/24122019/Z_1 |