When was RETAIL ZOO acquired by ADAMANTEM CAPITAL?

RETAIL ZOO was acquired by ADAMANTEM CAPITAL in 2023.

What was the revenue of RETAIL ZOO at the time of the deal?

The revenue of RETAIL ZOO at the time of the deal is estimated to be in the range of 100M - 200M EUR.

What was the EBITDA of RETAIL ZOO during the acquisition?

RETAIL ZOO's EBITDA is estimated to be in the range of 25M - 50M EUR.

How is the data for the RETAIL ZOO acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the RETAIL ZOO deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.foodmag.com.au/adamantem-to-acquire-majority-stake-in-retail-zoo/

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Home Database Retail & ConsumerRETAIL ZOO

02/2023

RETAIL ZOO acquired by ADAMANTEM CAPITAL

AUSTRALIA Hospitality & Leisure / Hospitality / Restaurants / Chains REV 100M - 200M EUR

Context

Adamantem Capital acquired a 70% majority stake in Retail Zoo from Bain Capital. The transaction is structured as a mid‑market buyout through Adamantem’s second mid‑market fund, with the remaining 30% ownership retained by the existing management and founder‑shareholders, including Retail Zoo CEO Nishad Alani and founder and chair Janine Allis. Retail Zoo operates more than 750 stores across Australia and overseas under brands such as Boost Juice and Betty’s Burgers. Adamantem plans to reinvest in the group’s expansion, including further growth of Boost’s juice and smoothie‑bar footprint and Betty’s Burgers’ casual‑dining network, while also enhancing data‑driven customer insight, loyalty programs, and ESG frameworks. The firm will also support Retail Zoo’s franchise partners, secure premium real‑estate locations, and explore opportunistic M&A to leverage the group’s strong brand platform.

It is worth noting that the fund Bain Capital took control of Retail Zoo through an LBO in 2014.

RETAIL ZOO, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (10.6x).

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Target

Retail Zoo is an Australian‑based, multi‑brand franchise platform that operates a portfolio of quick‑service restaurant concepts, led by Boost Juice Bars, Salsa’s Fresh Mex Grill, Cibo Espresso, and Hatch Chicken Shop. The group operates 294 stores in Australia and 100 international outlets across 9 countries, combining a strong domestic footprint with a growing overseas presence under master‑franchise agreements. Boost Juice Bars, Retail Zoo’s flagship brand, pioneered the juice and smoothie bar category in Australia and is positioned as a market leader, with a store‑rich network in shopping malls and other high‑footfall locations. Salsa’s offers Mexican‑themed QSR fare such as burritos, tacos, and salads, while Cibo Espresso focuses on premium coffee and food‑led formats, and Hatch Chicken Shop targets the gourmet rotisserie‑chicken segment with a health‑conscious positioning.

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2021

Other operations with RETAIL ZOO

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
05/2014	BAIN CAPITAL	RETAIL ZOO	AUSTRALIA	Restaurants / Chains

REFERENCES

Revenue range: 100M - 200M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of RETAIL ZOO by ADAMANTEM CAPITAL are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: adamantem capital