Advent International announced on Monday that it has partnered with CDIB Capital to acquire a significant equity position in International Coffee & Tea LLC.

International Coffee & Tea LLC owns and operates The Coffee Bean & Tea Leaf, the oldest and largest privately held specialty premium coffee and tea retailer in the United States.

Other investors participating in the transaction include Mirae Asset Private Equity and the Sassoon family, which is the largest existing shareholder of The Coffee Bean, and is remaining as a substantial shareholder.

The transaction was completed on Sept 12. Financial terms of the agreement were not disclosed.

Founded in 1963 in Southern California, The Coffee Bean & Tea Leaf has become one of the world's largest independent and privately owned coffee and tea retailers.

“The coffee chain market is poised for continued growth, driven by rising coffee consumption globally and an expanding middle class in Asia and other growing economies throughout the world,” said Jeff Case, a principal at Advent International.

“We have followed The Coffee Bean for many years, in particular its rapid expansion in Asia,” said HY Kim, a managing director at CDIB Capital.