The fast-casual Pura Vida Miami has new capital for growth.
The Miami-based chain on Thursday announced a strategic investment from private-equity firm TSG Consumer, which has also backed restaurant concepts like Crumbl cookies, Dutch Bros coffee and the casual-dining concept Yard House.
Pura Vida is a beach-vibe-themed all-day café with coffees, smoothies and pastries, alongside a menu of salads, bowls and wrap sandwiches. Units are highly designed, and typically about 3,000 square feet, though a 6,000-square-foot flagship reportedly opened in Coconut Grove earlier this year.
It was founded in 2012 by husband-and-wife team Omer and Jennifer Horev in Miami Beach.
Terms were not disclosed for the deal. But the Horevs have kept a majority stake, and Omer will continue to lead the company as CEO and Jennifer will remain chief brand officer.
“Jen and I started Pura Vida with a simple goal: to provide our guests with access to healthy food in a casual setting with great hospitality,” said Omer Horev, in a statement. “This investment marks a pivotal and energizing moment in our growth. With TSG’s experience supporting founder-led consumer brands and their values-driven approach, we are confident that we can continue to scale while delivering the high-quality, nutritious offerings our customers know and love.”
The chain has more than 40 locations in Florida and New York, and it recently opened in Southern California, with units in Beverly Hills and Malibu.
Pura Vida also engages in eco-friendly practices, like composting food waste and donating soil to local farms.
Meister Seelig & Fein served as legal counsel to Pura Vida. Ropes & Gray served as legal counsel and Goldman Sachs & Co. LLC and J.P. Morgan acted as financial advisors for TSG Consumer.
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