
Adamantem buys Australia's Retail Zoo from Bain

Adamantem Capital has acquired a majority stake in Retail Zoo, operator of Australia-headquartered food retail brands Boost Juice and Betty’s Burgers, from Bain Capital for an undisclosed sum.
This is the fifth investment from Adamantem’s second Australia and New Zealand mid-market fund, which closed on AUD 794.8m (USD 549m) in June 2021. Target companies typically have enterprise valuations in the AUD 100m-AUD 500m range and focus on areas such as consumer staples, B2B services, and healthcare services.
The sale marks the end of a protracted ownership period for Bain, which bought a 70% interest in Retail Zoo from The Riverside Company for an enterprise valuation of around AUD 185m in 2014. At the time, the company owned health drink chain Boost Juice, Salsa's Fresh Mex Grill, Hatch Chicken Shop, and coffee shop operator Cibo Espresso. Betty’s was acquired in 2017.
Bain sought to take the company public in 2019 but backed off in response to deteriorating market conditions, according to local media. The IPO was reportedly revived in 2021 only to be withdrawn once again. Quick service restaurant (QSR) franchise operator Collins Foods announced in February 2022 that its discussions over a potential acquisition had ended with no agreement.
The Australian Financial Review reported last April that Bain had appointed investment banks to manage another IPO bid. Other private equity firms also expressed interest in the asset.
Boost Juice opened its first store in Adelaide in 2000 and then embarked on a global expansion. By the time Bain invested, the company had grown to 300 outlets across 11 countries in Asia, Europe, and the Middle East, and bolted on additional brands. Riverside acquired a 70% stake in 2010 for AUD 70m and supported this expansion.
There are now more than 750 outlets under four active brands – Boost Juice, Betty’s Burgers, Salsas and Cibo. Betty’s, which started out as a burger shack in Noosa on Queensland’s Sunshine Coast, is the fastest-growing casual dining brand in Australia, according to a statement. Its footprint has expanded from eight to 54 stores in the space of five years.
Adamantem will run the business in partnership with the existing management team, led by CEO Nishad Alani. Janine Allis, founder of Retail Zoo, will remain a shareholder and board member.
“We were attracted by Retail Zoo as a strong platform in the food retail sector, with market-leading brands in Boost and Betty’s. Retail Zoo’s brands are well positioned through cycles as an ‘affordable indulgence’ offering,” said Georgina Varley, a managing director at the private equity firm.
“The power of both brands is also fuelled by its strong internal teams and industry-leading franchise relationships and business analytics.”
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