Boyu Capital Emerges as Top Contender for Starbucks China Stake Acquisition
Boyu Capital has positioned itself as the frontrunner in the race to acquire a controlling stake in Starbucks’s China operations, according to a report by Bloomberg.
The private equity firm has reportedly outpaced competitors such as Carlyle Group with a bid that could value Starbucks’s Chinese business at over $4 billion.
While negotiations between Starbucks and Boyu are underway, the outcome is uncertain and could take several months to finalize.
Potential co-financiers, including internet companies and other investors, may also participate as limited partners in the transaction.
Starbucks and Boyu declined to comment on the matter, while Carlyle Group chose not to provide a statement.
In September 2025, Starbucks announced that Boyu Capital, along with Carlyle Group, EQT, HongShan Capital Group, and Primavera Capital, were shortlisted as potential buyers for its China stake.
Boyu Capital, based in the Cayman Islands and established in 2011, has diverse investment interests spanning real estate, infrastructure, private equity, public equities, venture capital, and renewable energy sectors.
The company’s private equity portfolio includes investments in consumer and retail, technology, and healthcare industries.
Since opening its first store in mainland China in Beijing in 1999, Starbucks has expanded to operate 7,800 outlets in 250 cities across the country.
CEO Brian Niccol envisions further growth in the Chinese market, aiming to reach 20,000 stores and expressing a desire to retain a substantial stake in the business.
Starbucks reported a 47% decline in attributable net earnings to $558.3 million for the third quarter of fiscal year 2025, despite a nearly 4% increase in consolidated net revenues to $9.45 billion for the quarter ending 29 June 2025.
This article was originally published by Verdict Food Service, a brand owned by GlobalData.
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