Brazil, Guatemala or Kenya are the sorts of exotic locations that most people would associate with the cup of coffee that kickstarts their day.
But increasingly it is Luxembourg that is providing the coffee business with an industrial shot of caffeine.
JAB Holding, a private-investment company based there, has rapidly become the world's second-largest coffee retailer and roaster.
On February 14th the firm, which looks after the fortune amassed in the chemicals industry by Germany's secretive Reimann family,
said it planned to list its coffee empire in a couple of years.
JAB has paid dearly to secure around 12% of the global retail market, second only to Nestlé, which accounts for a quarter of sales.
Italy's Lavazza, the third-biggest roaster, is tiny compared with the top two.
JAB has coughed up tens of billions of dollars since 2012 on acquisitions of retail brands such as Jacobs Douwe Egberts
自2012年以来，JAB已经掏出了数百亿美元用于收购多家零售品牌，如Jacobs Douwe Egberts
and coffee-shop chains including Peet's and, most recently, Britain's Pret a Manger, which it bought for 1.5bn pounds ($2bn) in May.
以及咖啡连锁店，包括Peet's以及最近收购的英国的Pret a Manger，五月JAB以15亿英镑（20亿美元）的价格收购后者。
The spending spree on coffee and other sectors could weigh on the group's balance-sheet.
Both Moody's and Standard & Poor's, two credit-rating agencies, recently warned that JAB's appetite for deals might lead to a downgrade.
Paying such frothy sums has also led JAB to stir up a "very traditional" supply chain, says Antti Belt of BCG, a consultancy.
Coffee companies, such as JAB, which process beans and then market
and sell them either in a packet or a cup, already grab most of the profits of the business.
They buy raw beans from traders, who earn tiny margins—generally 1-2%—for much of the work.
Roasters rely on traders' expertise to blend different beans to balance strength and body (often associated with Brazilian beans)
with flavour and acidity (from African or Central American ones).