Goldman Sachs 2001 Annual Report Download - page 24

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Our business is highly COMPETITIVE, and we aggressively seek to expand our client
relationships. However, we must always be fair competitors and must never denigrate
other firms.
STARBUCKS COFFEE JAPAN GOES PUBLIC
“Our Japanese joint venture operations
had been growing very quickly so when
we decided to support further growth by
going public, most of the major investment
banks came knocking on our door. After
a rigorous selection process, we chose
Goldman Sachs, a decision that the team
and the results of the transaction have
more than justified.
Execution of the transaction required
an understanding of two very different
business cultures as well as the effective
balancing and management of the interests
of Starbucks and our joint venture partner,
Sazaby. With significant involvement by
bankers in both Japan and the U.S. and
a skillful understanding of the Japanese
deal-making process, Goldman Sachs was
more than up to the task.
Amidst challenging equity markets in
Japan in which 15 IPOs were either
cancelled or postponed in the month of
September alone, the offering went
extremely well. On October 10, Starbucks
Japan shares listed on Nasdaq Japan in a
deal that was oversubscribed and priced
near the high end of our pricing range.”
Michael Casey
Chief Financial Officer
Starbucks Corporation
page 22
13
PRINCIPLE NO.
For additional client profiles, please see www.gs.com