AFC Agrees to Sell Seattle Coffee Co. to Starbucks

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Apr 21, 2003

Atlanta--AFC Enterprises Inc. agreed to sell its Seattle Coffee Co. unit to Starbucks Corp. for $72 million under its plan to sharpen its strategic focus and maximize shareholder value. The company is selling the continental U.S. and Canadian operations of Seattle Coffee but will retain the Seattle's Best Coffee franchise business in all markets outside of North America. Starbucks will acquire Seattle Coffee's 51 company-owned Seattle's Best Coffee cafes, 21 company-owned Torrefazione Italia Coffee cafes and the existing franchise business in North America, consisting of 78 franchised Seattle's Best Coffee locations. -Dow Jones

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