(Adds details on SouthRock Capital, adds share price)
SAO PAULO, March 13 (Reuters) - Sao Paulo investment firm
SouthRock Capital has signed an agreement with Starbucks Corp
that gives it the right to develop and operate branches
of the Seattle-based chain in Brazil, the companies said late on
With the agreement, whose value was not disclosed, all of
Starbucks' retail operations in Latin America are now wholly
licensed rather than directly managed, the companies said.
SouthRock founder Ken Pope said in a statement the fund
would eye expansion opportunities in new and existing markets.
Starbucks now has 113 stores across the populous states of Sao
Paulo and Rio de Janeiro.
"With Starbucks, we see continued opportunities for growth
in existing markets ... as well as new markets like Brasilia and
the South," he said.
SouthRock, founded in 2015, also owns Brazil Airport
Restaurants, which operates in the country's biggest airports.
Shares in Starbucks opened up 0.5 percent but closed down
0.58 percent. The S&P 500 Index fell 0.64 percent.
(Reporting by Gram Slattery
Editing by Bernadette Baum and James Dalgleish)
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