Joe & the Juice acquired by General Atlantic
The coffee shop company plans to leverage this partnership to further accelerate the growth of its global footprint in international markets
General Atlantic, a leading global investor, has announced it has entered into an agreement to acquire Joe and the Juice, a fast-growing freshly-made juice, coffee, and sandwiches concept, from Valedo Partners.
General Atlantic first partnered with Joe and the Juice through a strategic minority growth investment in 2016. Since this initial investment, the company has achieved global scale and strong performance, growing revenue profitably by more than four times, and doubling its store footprint.
Today, Joe and the Juice has more than 360 stores around the world, up from 175 in 2016, boasting industry leading store paybacks and profitability. During its partnership with General Atlantic, the company launched and has significantly invested in digital channels, which now account for 30% of sales and are growing.
Upon completion of the transaction, General Atlantic will become the majority control shareholder of the company. Joe and the Juice plans to leverage this expanded partnership to further accelerate the growth of its global footprint in key international markets, capitalise on strong customer demand, and extend its digital distribution channels.
General Atlantic’s additional investment in Joe and the Juice underscores the firm’s conviction in the company’s strong unit economics, concept, and digital momentum. Joe and the Juice intends to focus on continued international expansion in key markets, particularly in the US, where it now has 70 stores. The Company sees growth opportunities in additional international markets, including the UK and Europe, Middle East, Asia, and Latin America.
The transaction is expected to close in the fourth quarter of 2023.
Andrew Crawford, managing director and global head of consumer at General Atlantic, said: “As a long-term partner to Joe and the Juice, General Atlantic is proud to become a majority investor in the brand and continue our collaboration with the management team. Joe and the Juice business momentum is inflecting, and we are excited to build on the Company’s digital traction and accelerate company-owned and franchised unit growth.”
Thomas Noroxe, CEO of Joe and the Juice, added: “We are delighted to have General Atlantic’s expanded commitment to Joe and 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.”