RETAIL ZOO acquired by BAIN CAPITAL
Context
Bain Capital Private Equity, through funds advised by an affiliate, partnered with Retail Zoo’s founders Jeff and Janine Allis to complete the acquisition of Retail Zoo from The Riverside Company and the founders. The transaction is structured as a consortium‑style deal in which the founding team retains a significant equity stake and management control, while Bain Capital becomes the majority‑economic owner and brings capital, strategic guidance, and operational expertise to support the group’s expansion. Retail Zoo, already operating 294 stores in Australia and 100 international outlets across 9 countries, serves as a platform for accelerated growth in the Australian and Asian QSR market, with Boost Juice Bars as the crown jewel brand and Salsa’s, Cibo, and Hatch as complementary, high‑growth concepts. Bain Capital intends to leverage its global Quick Service Restaurant experience—gained through prior investments in Domino’s Pizza, Dunkin’ Brands, Burger King, and Bloomin’ Brands—to scale Retail Zoo’s footprint, deepen brand development, and enrich the franchise‑partner ecosystem, including site expansion into non‑mall locations such as universities, airports, train stations, and petrol stations.
RETAIL ZOO, which reported an EBITDA margin of in 2014, 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.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (AUD)
Other operations with RETAIL ZOO
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2023 | ADAMANTEM CAPITAL | RETAIL ZOO | AUSTRALIA | Restaurants / Chains |
REFERENCES
Valuation range: EV 100M - 350M AUD
Revenue range: 250M - 500M AUD
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Press release: view release
Acquirer: bain capital