The growing Joe & the Juice chain has a new majority owner.
Investment firm General Atlantic on Monday announced it has entered into an agreement to acquire a majority stake in the juice, coffee and sandwich chain and the previous owner Valedo Partners will fully exit its investment in the company.
Terms were not disclosed but the deal is expected to close in the fourth quarter this year.
General Atlantic made an initial investment in Joe & the Juice in 2016, when Joe & the Juice had about 175 units. Since then, the chain has grown to more than 360 units in 18 countries and is boasting “industry-leading store paybacks and profitability,” the announcement said.
The new investment will be used to reduce debt and fund unit growth in key international markets, as well as the U.S., where the chain has about 70 units. Joe & the Juice has about 23 franchised units in the Middle East, and the company plans to expand franchising worldwide.
“As a long-term partner to Joe & the Juice, General Atlantic is proud to become a majority investor in the brand and continue our collaboration with the management team,” said Andrew Crawford, General Atlantic’s managing director and global head of consumer, in a statement. “Joe & the Juice’s business momentum is inflecting, and we are excited to build on the company’s digital traction and accelerate company-owned and franchise unit growth.”
Founded in Copenhagen in 2002, Joe & the Juice offers a menu of healthful juices, shakes, coffees and sandwiches. The company has been investing in growing digital channels, which now account for about 30% of sales.
General Atlantic has a couple of other restaurant investments in its portfolio, including Torchy’s Tacos and the India-based casual-dining chain Absolute Barbecue.
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