Starbucks Coffee International, a wholly owned subsidiary of Starbucks Coffee Company (Nasdaq:SBUX), announced yesterday that it has reached an agreement with the Delek Group to form a joint venture to open Starbucks retail locations in Israel.
“Starbucks is excited about entering the Israeli market,” said Peter Maslen, president of Starbucks Coffee International. “We have a great partner in the Delek Group, who shares our commitment in bringing the Starbucks Experience to Israel. We expect Israel to be an excellent market for Starbucks, with great growth opportunities following the opening of Starbucks stores later this year.”
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The joint venture, Shalom Coffee Company, and Starbucks Coffee International are expected to sign license agreements by the end of this month.
“This joint venture is part of Delek’s strategy to expand into new business sectors within Israel, said Giora Sarig, president of Delek’s Israel Fuel Corporation Ltd. “We are delighted to become partners with such a world-class brand as Starbucks.”
The Delek Group, a publicly traded company on the Tel Aviv Stock Exchange, is one of the most highly respected companies in Israel. Established in 1951, the Delek Group activities today are managed by three major subsidiaries: Israel Fuel Corporation Ltd., Delek Real Estate Ltd., and Delek Investments & Properties Ltd. (the holding companies for activities in automotive distribution and retailing, oil and gas exploration, biochemical manufacturing, convenience stores and other retail operations).
Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world. In addition to its more than 4,000 retail locations worldwide, Starbucks sells coffee and tea products through its specialty operations, including its online store Starbucks.com. Additionally Starbucks sells bottled Frappuccino® coffee drink and a line of superpremium icecreams through its joint venture partnerships and offers a line of innovative premium teas produced by its wholly owned subsidiary, Tazo Tea Company.
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