In March 2023, Adamantem Capital Fund II completed the acquisition of Bain Capital’s majority stake in Retail Zoo; a multi-brand food retail operator with over 750 stores in Australia and internationally across four brands: Boost Juice, Betty’s Burgers, Salsas Fresh Mex and CIBO Espresso.
Boost Juice is the largest smoothie and juice brand in Australia and Betty’s Burgers is the country’s fastest growing casual dining brand, expanding from eight to 54 stores in just five years.
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. 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.
The investment represents Adamantem’s fifth investment through Fund II.
