Asada Owner TDR Capital Joins Bidding War for Costa Coffee

September 2, 2025

Private equity firm TDR Capital, the owner of Asada, is exploring a potential acquisition of Costa Coffee from Coca-Cola. Costa, the UK’s largest coffee chain, has struggled under Coca-Cola’s ownership, posting a 13.8 million loss on revenues of 1.2 billion in 2023.

TDR is not the only bidder, Apollo Global Management, and China’s Critic are also interested. Coco-Cola may consider keeping a minority stake in Costa even if it sells control.

The deal underscores growing private equity appetite for consumer brands, particularly those that can be repositioned for growth after underperforming inside larger corporates. For Coca-Cola, the sale would mark a shift in focus away from retail-heavy businesses and toward it’s core beverage strategy.