- BRW Lists
Published 06 May 2014 11:25, Updated 07 May 2014 08:30
Boost Juice founder Janine Allis is set to get a new private-equity partner. Photo: Josh Robenstone
Boost Juice founder Janine Allis seems set to get a new private-equity partner in a deal that values her business at $185 million, according to reports.
The Australian Financial Review reports that Bain Capital is negotiating to buy a 70 per cent stake in Retail Zoo, the parent company for Boost Juice, Salsa’s Fresh Mex Grill, Cibo Espresso and Hatch. The implied valuation for the business would be $185 million.
The Riverside Company, which bought 65-70 per cent of the business for nearly $70 million in 2010, is reportedly exiting the business, while Allis is keeping her stake.
Allis, who is currently travelling in the United States, told BRW the deal is “not final” but did not comment further.
The Allis family still owns about 25 per cent of Retail Zoo and she has previously told BRWshe has no plans to sell her stake.
“I can honestly say that [husband] Jeff and I are not looking for a complete exit no matter what,” Allis told BRW in March. “I have a pretty nice life now; I do my yoga, I have my mental stimulation through the business, I have my family, it’s a great balance. If I sold my business, I could have some money in the bank, but really I’m happy with the life I have.”
Earlier in the year, it was reported that Affinity Equity Partners was in the frame to buy Retail Zoo, though it was not clear at that stage that Allis herself was not selling. The Financial Review says Affinity pulled out after the due diligence stage.
Allis was 24th on the 2014 BRW Rich Women list, with an estimated fortune of $55 million.
Bain Capital has global investments in fast-food chains such as Domino’s Pizza, Dunkin’ Brands, Burger King, and Bloomin’ Brands, owner of Outback Steakhouse. In Australia, the firm owns business software provider MYOB.
An earlier version of the article suggested the total valuation of Retail Zoo was $265.3 million, based on reports that $185 million was for 70 per cent of the business. However, sources have since confirmed that $185 million is the implied valuation for the entire business. The article has been amended accordingly.