Italian premium coffee maker Illycaffe has picked Goldman Sachs to find a strategic partner to help expand its US retail network to 200 cafes (more than 10 times its current number), Reuters reports.
The brand announced that it is ready to sell a stake in the Italian company to the strategic partner.
In July, Chairman Andrea Illy told Reuters the group could consider selling a minority stake for the first time since its foundation in 1933, should the right operating partner come along. He also said the Italian coffee maker wanted to expand its network especially in the United States where bigger rivals like Starbucks and JAB are present.
The premium brand of Illycaffe, which produces a blend made of nine varieties of arabica beans, is currently 100% owned by the Illy family. Last year the Italian group reported sales of 483 million euros.