Adamantem to acquire majority stake in Retail Zoo

Retail Zoo, a food retail operator in Australia, announced Adamantem Capital as its new investment partner.

Retail Zoo, a leading multi-brand food retail operator in Australia, including Boost Juice and Betty’s Burgers, today announced Adamantem Capital as its new investment partner.

Upon completion of the sale, ownership of Retail Zoo will change from Bain Capital to Adamantem, and will be held by Adamantem’s second mid-market buyout fund.

Adamantem will own a majority stake in the business and will partner with the existing management team led by Retail Zoo CEO, Nishad Alani.

The Retail Zoo founder Janine Allis will remain a shareholder and Board director.

This expands Adamantem’s investments in retail and consumer products, which includes processed meats producer Hellers, professional sustainable haircare company NAK Hair, and horse feed and supplements manufacturer Hygain.

Retail Zoo is one of Australia’s market leaders in quick-service restaurants (QSR). Founded in 2000 with the iconic Australian brand, Boost Juice, the company now has more than 750 stores in Australia and overseas and has expanded into other brands including Betty’s Burgers which is now the fastest growing casual dining brand in Australia.

“Adamantem saw a unique opportunity to partner with Retail Zoo’s experienced management team with deep industry expertise,” said Adamantem’s Managing Director, Georgina Varley.

“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. The power of both brands is also fuelled by its strong internal teams and industry-leading franchise relationships and business analytics.

“We look forward to supporting Retail Zoo’s management, franchisees and employees with further investment in the platform and expansion of the core brands across Australia and beyond,“ said Varley.

Boost’s brand power is three times stronger than the nearest competitor in the juice and smoothie market and is supported by almost 2 million loyalty members, while Betty’s has transformed into the fastest growing casual dining burger chain, expanding from eight to 54 stores over the last 5 years.

Retail Zoo is well placed to grow via steady organic growth in the fast refreshment and casual dining categories, secure attractive locations for new stores and opportunistically pursue M&A to leverage its strong platform.

“As consumers continue to look for convenient on-the-go options and relaxed casual dining experiences, our offering is well positioned to cater to the growing demand,” said Retail Zoo CEO Nishad Alani.

“We have prospered under Bain Capital’s ownership and we are now delighted to welcome Adamantem Capital as Retail Zoo’s new investment partners. This is an exciting next chapter for Retail Zoo, our franchise partners and team.

“With Adamantem, we plan to invest in further expansion of our global footprint, leverage customers insights and analytics to drive our customer proposition and establish market leading ESG frameworks for the business.”

“We were attracted by Adamantem’s industry experience, responsible investing focus and partnership approach. Since starting more than 20 years ago, I am proud to see Boost Juice establish itself as an iconic Australian brand that resonates with a diverse group of customers,” added Boost Juice founder and current Retail Zoo chairman, Janine Allis.

“I look forward to continuing on the Board of Retail Zoo to share my retail and general business expertise to help guide Boost, Betty’s and the other brands forward in their next phase of growth.”

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