US investment firm General Atlantic to acquire majority stake in Joe & The Juice

Joe & The Juice currently operates 360 stores across Europe, the US and the Middle East | Photo credit: Joe & The Juice

New York-based General Atlantic has agreed to acquire a majority stake in Joe & The Juice and outlined plans for growth across the US, Europe and the Middle East. 
 

The investment firm will purchase the shares of Valedo Partners with the deal expected to close by the end of the year. The sum of the deal has not been disclosed. 

Stockholm-based Valedo Partners took a 90% controlling stake of Joe & The Juice in 2013 for $48m, with the coffee and juice chain’s Founder Kaspar Basse retaining the remaining 10%. 

The transaction will mark Valedo Partners’ full exit from the company.  

General Atlantic has held a minority stake in the Danish coffee and juice chain since October 2016 and funded its expansion in the US, where it now operates 64 stores. Its majority interest will further accelerate the growth of Joe & The Juice in the US, as well as the UK and other European markets. 

The investment firm also highlighted growth opportunities in the Middle East, where Joe & the Juice currently has 23 franchised stores across the UAE, Kuwait, Qatar and Saudi Arabia. 

Founded in 2002, Joe & The Juice currently has 360 stores globally. In June 2023, the business said it would focus on exploiting ‘the great potential’ within its existing markets to strengthen group level profitability.  

In September 2023, Joe & The Juice exited the Australian market as part of a strategy to redirect its focus to more profitable markets.  

Alongside accelerating the chain’s franchising partnership globally, General Atlantic also plans to expand Joe & The Juice’s digital channels, which currently account for 30% of total sales, and reduce the coffee and juice chain’s debt.

“As a long-term partner to Joe & the Juice, General Atlantic is proud to become a majority investor in the brand and continue our collaboration with the management team. Joe & the Juice’s business momentum is inflecting, and we are excited to build on the company’s digital traction and accelerate company-owned and franchised unit growth,” said Andrew Crawford, Managing Director and Global Head of Consumer, General Atlantic. 

“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,” added Thomas Noroxe, CEO, Joe & the Juice. 

Joe & the Juice achieved 49% sales growth in 2022 to post record revenues of DKK 1.7bn ($247.6m). The coffee and juice chain’s operating profit reached DKK 277m ($40m). 

Alongside Joe & The Juice, General Atlantic also counts Japanese specialty coffee chain % Arabica among its investment portfolio.