Adamantem Capital takes majority stake in Retail Zoo

AUSTRALIA Hospitality & Leisure / Hospitality / Restaurants / Chains REV €100–200M

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 [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Retail & Consumer sector (12.0x in 2023).

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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.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Retail Zoo

Other operations with Retail Zoo
Date	Acquirer	Target	Country	Sector
05/2014	BAIN CAPITAL	RETAIL ZOO	AUSTRALIA	Restaurants / Chains

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07/2022	COMPAGNIE DES ALPES	MMV	FRANCE	Hotels & Accommodation
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REFERENCES

Revenue range: REV €100–200M

EBITDA range: €25–50M

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

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Retail Zoo, an Australian company specialised in Hospitality, by Adamantem Capital in 2023, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in May 2014, when the company was acquired by Bain Capital.

What were Retail Zoo’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Retail Zoo generated annual revenue estimated in the €100–200M range and EBITDA in the €25–50M bracket (FY 2022). Detailed financial figures are available to members.

How does the valuation of Retail Zoo compare to benchmarks in the Retail & Consumer sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 12.0x EBITDA during 2023.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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