Israel’s Strauss says TPG looking to sell stake in coffee unit: Reuters

Israeli food and drinks maker Strauss Group said on Thursday that U.S. buyout firm TPG Capital Management was looking to sell its 25.1 percent stake in one of the group’s units, Strauss Coffee.

Strauss, a maker of snacks, fresh foods and coffee, is a market leader in roast and ground coffee in central and eastern Europe and Brazil.

TPG bought its stake in Strauss Coffee in 2008 for $293 million, but relations between the partners soured after TPG tried to keep a former TPG employee from losing his job as chief executive of the coffee firm. It lost that fight in court and the former employee was ousted in 2014.

Strauss Group said last year it was examining an initial public offering of its coffee subsidiary on a U.S. stock exchange, but that never materialized.

Strauss said in its statement to the Tel Aviv Stock Exchange that it has yet to decide on how to respond to the possible sale of TPG’s stake