General Atlantic Acquires Majority Stake in Joe & the Juice, Valued at $600m

Café bar chain Joe & the Juice has secured an agreement with private equity firm General Atlantic which will see the firm hold a majority stake in the company.

The US private equity firm is thought to value the business at $600m (£489.1m), including debt.

The firm said it hopes the new deal will help “to further accelerate the growth of its global footprint in key international markets”, citing the UK as a particular focus for the company. It also aims to reduce its debt pile.

General Atlantic has been a minority stakeholder in Joe & the Juice since 2016. It bought the stake held by Swedish private equity firm Valedo Partners, which will no longer have an investment in Joe & the Juice.

Thomas Noroxe, CEO of Joe & the Juice said: “Joe & the Juice’s development post the pandemic has been tremendously positive and I want to thank our juicers, other staff members, board and owners for their commitment and hard work over the last few years.

“With this transaction, I am pleased to welcome an existing shareholder in General Atlantic, that has a deep understanding of our strategy and unique company culture, as our new majority shareholder.”

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Melis Kahya Akar, managing director and head of consumer for EMEA at General Atlantic said: “Our increased investment in Joe & the Juice is a testament to the global receptivity of the brand.

Joe & the Juice reflects broader secular trends of convenience and healthy living, while also possessing a brand which resonates with customers in multiple markets. We see further runway to double down on our commitment and unlock the business’ full potential.”

Founded in Copenhagen in 2002, the juice and sandwich chain operates 65 sites in the UK, with a further 360 sites globally.

Source: THE CATERER

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