By Laura McGuire
General Atlantic has reached an agreement to buy a majority stake in Joe & the Juice, the trendy sandwich and smoothie chain.
The US private equity firm, which has been a minority stakeholder since 2016, bought the stake held by Swedish private equity firmValedo Partners, who will now no longer have an investment in the cafe chain.
The deal will see General Atlantic pump funds into the pricey pink coffee chain to help with its growth in international markets, particularly in the US and also reduce its debt pile.
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’s full potential.”
Joe & the Juice was founded in Denmark by Kaspar Basse, the son of two successful Danish businesspeople.
It has performed well in recent years with sales rising 49 per cent in the 12 months ended 31 December 2022 and has over 60 sites in the UK.
Thomas Noroxe, chief executive of Joe & the Juice, 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.”
He added: “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 omnichannel experience.”
