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

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]

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. 1 2 Macdonald, Anthony (9 March 2022). "Boost for earnings now, Betty's for growth: Retail Zoo update". Australian Financial Review.
  2. 1 2 3 "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. 1 2 3 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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