US-based private equity company General Atlantic has reached an agreement to increase its stake in Denmark-based juice bar and coffee concept Joe & the Juice.
Although the companies did not disclose the financial details of the deal, according to a report by the Financial Times, the deal could be valued at approximately $600m.
The additional stake in the company was acquired from Valedo Partners, which has agreed to fully exit its investment in Joe & the Juice.
Valedo Partners acquired a 90% controlling stake in Joe & The Juice in 2013. The remaining 10% stake was held by the chain’s founder, Kaspar Basse, according to the World Coffee Portal.
General Atlantic initially acquired a minority stake in the juice bar and coffee concept in 2016 via strategic minority growth investment.
Upon completing the latest transaction, General Atlantic will become the majority stakeholder of Joe & the Juice.
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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 deal will help Joe & the Juice to expedite its international expansion plans.
Joe & the Juice plans to use a portion of General Atlantic’s investment to reduce the debt and expand its store footprint in new overseas markets such as the UK and Europe, the Middle East, Asia and Latin America.
Joe & the Juice currently operates more than 360 stores 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 deal is expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals.