Focus Brands (FBI) has wrapped up the acquisition of smoothie chain Jamba Juice in a transaction valued at approximately $200m.
In accordance with the terms of the agreement, a subsidiary of FBI launched a tender offer to buy all of the outstanding shares of Jamba’s common stock for $13 per share in cash.
After completion of the offer, FBI acquired all remaining shares not tendered in the offer through a merger at the same price.
The transaction, as originally announced last month, was funded by Focus Brands using cash and funds borrowed under its existing credit facilities.
Focus Brands CEO Steve DeSutter said: “We are excited to officially welcome Jamba, a leader in the smoothie and juice category with strong franchise operators and an iconic heritage, into our family of well-known and highly loved ‘fan favourite’ brands.
“The addition of Jamba to the Focus portfolio of brands adds a premium beverage and lifestyle concept to our family of snack and restaurant brands.
“We look forward to growing this business with existing Jamba franchisees, sharing with our current roster of great franchisees, and introducing the Jamba brand to a new group of entrepreneurs.”
After completion of the transaction, Jamba will operate as a wholly-owned subsidiary of FBI and will continue to operate as an independent brand.
Jamba Juice offers freshly blended whole fruit and vegetable smoothies, bowls, cold-pressed shots, juices, boosts, snacks, and meal replacements. The smoothie chain manages more than 800 locations across the globe.
Owned by private equity firm Roark Capital Group, Focus Brands manages more than 6,000 restaurants, cafes, ice cream shops and bakeries in the US, the District of Columbia, Puerto Rico and more than 50 countries.