Retail Zoo

Retail Zoo is an Australian Company. It is the owner of multiple major restaurant chains, including Boost Juice, Betty's Burgers, Cibo Espresso, Salsa's Fresh Mex Grill.[1]

Retail Zoo
TypePrivate
IndustryFast food
FounderJanine and Jeff Allis
Revenue$178.2m AUD (2022)
$14.6m AUD (2022)
OwnerBain Capital

It is a private company valued at around half a billion dollars.[2] The company has explored a public listing on at least two occasions, first exploring and then putting on pause the idea in 2019; before resuming its pursuit of an IPO again in 2022.[2] In February 2023, the Australian private equity firm Adamantem Capital decided to acquire a majority stake in the company for ~$350m AUD.[3][4]

History

The company was founded by Australian couple Janine and Jeff Allis.[5]

At some point after being formed, the company became owned by the private equity firm Bain Capital.[6][7] During this time, it explored a public listing on the ASX in 2019, but the listing ultimately didn't go ahead that year; and remained owned by Bain.[8][9][10][11] In 2022 the company lodged documents with the Australian Securities and Investments Commission to change its status to a public company.[1] However, it was later acquired by Australian private equity firm Adamantem Capital following a $225m capital raise through debt syndication by Commonwealth Bank of Australia.[12]

In 2022 the company posted a net profit of $14.6m, up from $14.1m in 2021. Its profit during the COVID-19 pandemic was $2.8m.[13] Sales for 2022 were $178.2m, largely driven by sales figures at Betty's Burgers of $113.4m.[14]

Its reported valuation history is as follows:

Date $Valuation Source
2014 majority stake = $185m SmartCompany[4]
Oct, 2019 $482m Goldman Sachs estimate (sponsor-broker)[15]
Apr, 2022 $400m AFR estimate[2]
Feb, 2023 majority stake = $350m SmartCompany[4]

References
  1. Macdonald, Anthony (9 March 2022). "Boost for earnings now, Betty's for growth: Retail Zoo update". Australian Financial Review.
  2. "Bain's Retail Zoo tests appetite for ASX float". AFR. Retail Zoo's private equity owner is ready to give its $400 million-plus float plans a boost.
  3. Macdonald, Anthony (7 February 2023). "Adamantem Capital hunts $200m debt for Retail Zoo buyout". Australian Financial Review.
  4. Van, Tong (7 February 2023). "Bain Capital sells stake in Boost Juice, Betty's Burgers parent in a deal worth $350 million". SmartCompany.
  5. "Retail Zoo pair's $14.5m slice of paradise". The Australian. The entrepreneurial Retail Zoo co-founders, Janine and Jeff Allis, have spent a record $14.5m to buy at Bilgola Beach on Sydney's northern beaches.
  6. "Bain Capital and Janine Allis to buy Boost Juice". Sydney Morning Herald. 6 May 2014.
  7. Thompson, Sarah (17 March 2019). "Three banks in line for Bain Capital's Retail Zoo". Australian Financial Review.
  8. "Retail Zoo IPO on the cards". The Australian. Investment bank Goldman Sachs is believed to be in the box seat to list Bain Capital's Retail Zoo business.
  9. Mitchell, Sue (23 June 2019). "IPO hopeful Retail Zoo to upsize Boost Juice, Betty's Burgers". Australian Financial Review.
  10. "Collins Foods gets taste for Retail Zoo as listing looms". The Australian. Australian-listed KFC and Taco Bell operator Collins Foods has been weighing an acquisition of Boost Juice owner Retail Zoo from Bain Capital.
  11. "Bain Capital delays Retail Zoo IPO". Australian Financial Review. 23 October 2019.
  12. "CBA seeks buyers for $225m Retail Zoo debt, bank meeting Wednesday". Australian Financial Review. 27 February 2023.
  13. LaFrenz, Carrie (6 December 2022). "Betty's Burgers, Boost Juice owners post record 2022". Australian Financial Review.
  14. Enciso, Cheyanne (6 December 2022). "Boost Juice owner Retail Zoo flags record 2022 results". The West Australian. Sales from company-owned stores, royalties, franchisees fees and rebates rose 24.3 per cent to $178.2m, while Betty's Burger jumped 36.4 per cent to $113.4m.
  15. Thompson, Sarah; Macdonald, Anthony (1 Oct 2019). "Retail Zoo valued at as much as $482m: Goldman Sachs". Australian Financial Review.
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