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Café Britt
This IIC loan will provide Café Britt S.A. with appropriate permanent working capital financing that will help it plan its operating funding requirements at the regional level.
Pablo Vargas, Grupo Britt’s CEO, said: “This is another milestone in the history of Grupo Britt. It is very important for our organization to have the support of a multilateral institution such as the IIC whose focus on the development of Latin America meshes well with a multi-locale business approach that promotes the development of the communities where the company operates.”
According to Juan Fonseca, IIC Investment Officer in charge of the operation, “The IIC is supporting a local company operating internationally that, over the years, has managed to break the pattern in a very traditional industry in the region by innovatively positioning itself with unique, quality products.”
Mr. Pablo Vargas signed on behalf of Café Britt Costa Rica S.A. Mr. Fernando Quevedo, the Inter-American Development Bank Representative in Costa Rica, signed on behalf of the IIC.
Café Britt is a gourmet coffee roasting and chocolate manufacturing company. It operates 70 gift shops in 8 countries. Its unique business model has enabled the company to consolidate its brand internationally and expand its area of influence in airport shops and other tourist sites in Latin America. Its stores and value-added products focus on offering authentic local fare.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Source: Inter-American Investment Corporation
More on this topic
June 2009
The loan, which is from the Inter-American Investment Corporation, will be applied to expanding the product line and making improvements in operating efficiency.
Café Soluble S.A., which began operations in 1959 with Nicaraguan and American capital, is dedicated to producing and exporting high quality instant coffee. The company has marketed its products through its own distribution network.
December 2009
In 2010, the company will expand its presence in Costa Rica and in various Latin American Countries.
Pablo Vargas, General Manager, explained they will invest $2.5 million in developing two stores in Juan Santamaría and Daniel Oduber airports.
"The remaining $5.5 million will be invested in several Latin American countries", added Vargas to Nacion.com.
November 2009
Salvadoran coffee chain 'The Coffee Cup' opened its second store in the country.
The chain plans to open an additional store in San José International Airport in 2010.
"Next year the brand will start operations in Austin, Texas, in the United States. This store will open in February 2010, marking a milestone for the company, which had targeted the U.S. market for 17 years", reported Elsalvador.com.
November 2010
The Salvadoran franchise opened its first store in Austin, Texas, USA.
The company invested $ 400,000 in its first store and expects to open 10 more next year.
Laprensagrafica.com reported comments by Samuel Quiros, president of Quality Grains and owner of The Coffee Cup, "The Coffee Cup chain stores are supplied with 100% Salvadoran coffee. The coffee will be sold in stores and will be exported toasted from El Salvador".
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