Joe & the Juice, a chain of café bars, has finalised a deal with the private equity firm General Atlantic. As part of the agreement, General Atlantic will now have a majority stake in the company.
The U.S. private equity firm is believed to assess the business's value at $600 million (£489.1 million), taking into account outstanding debts.
The company expressed optimism that the newly established deal would contribute to the swift expansion of its global presence, especially in key international markets, with a particular emphasis on the UK. Additionally, the firm aims to diminish its existing debt burden.
Since 2016, General Atlantic has held a minority stake in Joe & the Juice. During that time, it acquired the stake previously owned by the Swedish private equity firm Valedo Partners, which has now exited the company.
Thomas Noroxe, chief executive 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.'
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.'