Foodvest Holding Company, a leading investment company in the food and beverage sector, and One Franchise Company, a prominent franchising organization, announced their strategic partnership and joint venture that aims to introduce 150 new Caribou Coffee stores across the Kingdom of Saudi Arabia over the next 10 years.
The signing ceremony, which took place in the Turkish city of Izmir, on June 18, 2023, marked the official start of this remarkable collaboration. In this joint venture, Foodvest Corporation, leveraging its extensive industry experience and expertise, will lead the operations of Caribou Coffee stores.
* Exceptional coffee
Mohamed Majbar, CEO of One Franchise, expressed his excitement about the partnership, saying: “After fostering a successful partnership with Foodvest Holding since 2007, we are excited to embark on a new chapter for Caribou Coffee in Saudi Arabia. We are keen to leverage their vast knowledge and operational excellence to amplify our presence in the market and provide our loyal customers with an even more exceptional coffee experience.
The project is being led as CEO, Matthew Ramos, a highly accomplished industry expert with a deep understanding of market dynamics and a wealth of experience in the food and beverage industry. Matthew’s appointment is critical to ensuring the success of Caribou Coffee’s expansion into Saudi Arabia.
Matthew Ramos, CEO of Foodvest commented, “We recognize the scale of this endeavor, as the Saudi market offers limitless opportunities for growth. Navigating the unique requirements of a new market is a great challenge, but we approach it with great enthusiasm. It will be an exhilarating journey, and we are grateful to be at the forefront, leading the way.”
The cooperation between Foodvest Holding Company and One Franchise Company represents a milestone in expanding the footprint of Caribou Coffee in the Middle East. representing the Kingdom of Saudi Arabia; As a thriving market with strong demand for quality coffee experiences, an exceptional opportunity for the exponential growth and development of the brand.
Welcoming atmosphere
Caribou Coffee, known for its premium Rainforest coffee blends and unwavering dedication to exceptional customer service, is set to bring the unique coffee shop experience to Saudi Arabia. The brand is committed to providing a welcoming atmosphere, where customers can enjoy handcrafted beverages, indulge in delicious fresh baked goods from Caribou Bakery, and an array of delectable food offerings, all with the finest ingredients, real chocolate, and the finest cereal. Foodvest Holding Company and One Franchise Company share a mutual commitment to delivering excellence, innovation, and unparalleled customer satisfaction. Through this joint venture, they aim to create a strong footprint in the Saudi Arabian market, position Caribou Coffee as the go-to destination for discerning coffee lovers across the country, and redefine the coffee scene in the region. The launch of 150 new Caribou Coffee stores in Saudi Arabia over the next ten years reflects Foodvest Holding and One Franchise’s confidence in the region’s economic potential. By actively investing in the Saudi Arabian market, the two companies are demonstrating their commitment to contributing to its growth and development.
