
KKR Raises $6.5 Billion for Private Asset-Backed Finance Deals
The firm raised $5.6 billion for its Asset-Based Finance Partners II fund and almost $1 billion from separately managed accounts, according to a statement Wednesday.

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San Francisco Chronicle
8 hours ago
- San Francisco Chronicle
S.F.'s Philz Coffee to be purchased by private equity firm for $145 million
Los Angeles-based private equity firm Freeman Spogli & Co. has made a bid to acquire popular San Francisco-grown coffee chain Philz coffee. The firm has previously invested in food franchises Popeyes and El Pollo Loco, as well as Petco. The value of the pending transaction is $145 million, according to reports to stakeholders obtained by Mission Local, which first reported the deal on Friday. Jacob Jabor, son of Philz founder Phil Jaber, did not respond to an inquiry from the Chronicle. Freeman Spogli could not immediately be reached for comment Friday. The deal is reportedly expected to close on Aug. 8, and stockholders have until Aug. 5 to receive an appraisal of their shares. Other stakeholders in the deal are investment firms Summit Partners and TPG Growth, according to Mission Local. Meanwhile, the company's common stock holders, including employees, are expected to see their stock canceled under the terms of the agreement, the outlet reported. Phil Jabar went from owning a corner store to a venture capital-backed business raising some $75 million in funding, after launching Philz out a storefront at 24th and Folsom streets storefront in the city's Mission District more than two decades ago. That location popularized the company's distinct one-cup-at-a-time pour-over style, which is executed by baristas working at separate stations.
Yahoo
12 hours ago
- Yahoo
Wall Street Circles Starbucks as China Deal Heats Up--Tech Giants and PE Titans in Bidding War
Starbucks (NASDAQ:SBUX) is quietly making moves in Chinaand Wall Street's watching. The coffee giant has invited a dozen heavyweight investors, including Carlyle, KKR (NYSE:KKR), EQT, and tech majors (NASDAQ:JD) and Tencent (TCEHY), into the next phase of bidding for a stake in its China operations. According to people familiar with the matter, these shortlisted parties are now reviewing financials and preparing formal proposals. Starbucks CEO Brian Niccol emphasized this isn't about raising capital. What this is about, he told analysts, is how do we ensure that the Starbucks brand is in a much better place in the future. Starbucks plans to retain a meaningful stake and is not looking to fully exit. The stakes are high. China is Starbucks' second-biggest marketbut it's also one of the most competitive. Local rival Luckin Coffee has surged ahead with cheaper drinks, faster innovation, and aggressive expansion. To stay relevant, Starbucks has started adapting its menu with more affordable fruit teas and sugar-free options. And early signs suggest it's working: same-store sales in China turned positive last quarter for the first time since late 2023. A local partner with tech and consumer insight could help Starbucks move faster, optimize supply chains, and deepen its mobile platform strategy in a market that increasingly rewards speed and price. This process has drawn interest from over 20 potential backers, though only a dozen have made it to this second round. Starbucks isn't seeking a full salebut it is exploring how to tap deeper into China's fast-evolving consumer landscape. While no deal is guaranteed, more players could enter later stages as discussions evolve. With long-term ambitions to grow its China store count from roughly 7,800 to 20,000, the right strategic partner could be a pivotal lever for Starbucks' next act in Asia. This article first appeared on GuruFocus.
Yahoo
13 hours ago
- Yahoo
Wall Street Circles Starbucks as China Deal Heats Up--Tech Giants and PE Titans in Bidding War
Starbucks (NASDAQ:SBUX) is quietly making moves in Chinaand Wall Street's watching. The coffee giant has invited a dozen heavyweight investors, including Carlyle, KKR (NYSE:KKR), EQT, and tech majors (NASDAQ:JD) and Tencent (TCEHY), into the next phase of bidding for a stake in its China operations. According to people familiar with the matter, these shortlisted parties are now reviewing financials and preparing formal proposals. Starbucks CEO Brian Niccol emphasized this isn't about raising capital. What this is about, he told analysts, is how do we ensure that the Starbucks brand is in a much better place in the future. Starbucks plans to retain a meaningful stake and is not looking to fully exit. The stakes are high. China is Starbucks' second-biggest marketbut it's also one of the most competitive. Local rival Luckin Coffee has surged ahead with cheaper drinks, faster innovation, and aggressive expansion. To stay relevant, Starbucks has started adapting its menu with more affordable fruit teas and sugar-free options. And early signs suggest it's working: same-store sales in China turned positive last quarter for the first time since late 2023. A local partner with tech and consumer insight could help Starbucks move faster, optimize supply chains, and deepen its mobile platform strategy in a market that increasingly rewards speed and price. This process has drawn interest from over 20 potential backers, though only a dozen have made it to this second round. Starbucks isn't seeking a full salebut it is exploring how to tap deeper into China's fast-evolving consumer landscape. While no deal is guaranteed, more players could enter later stages as discussions evolve. With long-term ambitions to grow its China store count from roughly 7,800 to 20,000, the right strategic partner could be a pivotal lever for Starbucks' next act in Asia. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data