General Atlantic, a private equity firm headquartered in the United States, has finalized a deal to expand its ownership in Joe & the Juice, a Denmark-based company known for its juice bar and coffee concept.
While the specific financial terms of the agreement were not disclosed by the companies, a Financial Times report suggests that the deal’s estimated value could be around $600 million.
General Atlantic acquired the extra stake in the company from Valedo Partners, which has agreed to completely divest its investment in Joe & the Juice.
In 2013, Valedo Partners secured a 90% controlling interest in Joe & The Juice. The founder of the chain, Kaspar Basse, retained the remaining 10% stake, as reported by the World Coffee Portal.
In 2016, General Atlantic initially obtained a minority interest in the juice bar and coffee concept through a strategic minority growth investment.
Upon completing the latest transaction, General Atlantic will become the majority stakeholder of Joe & the Juice.
General Atlantic managing director and consume global head Andrew Crawford said, “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.
“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 franchised unit growth.”
The agreement will enable Joe & the Juice to accelerate its plans for international expansion.
Joe & the Juice intends to allocate a portion of General Atlantic’s investment to both debt reduction and the expansion of its store presence in emerging overseas markets, including the UK, Europe, the Middle East, Asia, and Latin America.
At present, Joe & the Juice runs a network of over 360 stores spanning across 18 countries.
Joe & the Juice CEO Thomas Noroxe said, “We are delighted to have General Atlantic’s expanded commitment to Joe & the Juice. Over the past seven years, General Atlantic has demonstrated a true dedication to collaboration as we have worked together to achieve our growth aspirations.
“As we make strides into our next chapter, we look forward to bringing Joe & the Juice to more customers globally through our focus on geographic expansion, franchising and a seamless omni-channel experience.”
The transaction is anticipated to be finalized in the fourth quarter of 2023, pending the fulfillment of standard closing conditions and regulatory approvals.
