General Atlantic to buy majority stake in Joe & the Juice

• Valedo will fully exit its investment in Joe & the Juice
• GA initially acquired a minority stake in Joe & the Juice in 2016
• The transaction is expected to close in Q4 of 2023

General Atlantic (GA) has agreed to acquire a majority stake in Joe & the Juice, a juice bar and coffee company, from Valedo Partners.

Valedo will fully exit its investment in Joe & the Juice.

Joe & the Juice plans to focus on continued international expansion in key markets, particularly in the US, where it now has around 70 stores, up from less than five at the time of GA’s initial investment, according to a release. It sees growth opportunities in additional international markets, including the UK and Europe, Middle East, Asia, and Latin America.

GA’s investment will also be used to reduce debt on the company’s balance sheets, the release said.

“Joe & the Juice reflects broader secular trends of convenience and healthy living, while also possessing a brand which resonates with customers in multiple markets,” said Melis Kahya Akar, MD and head of consumer for EMEA at GA. “We see further runway to double down on our commitment and unlock the business’ full potential.”

GA initially partnered with Joe & the Juice via a strategic minority growth investment in 2016. Since GA’s initial investment, Joe & the Juice has achieved global scale and strong performance, growing revenue profitably by more than 4x and doubling its store footprint, the release said.

Copenhagen-based Joe & the Juice has over 360 stores globally, up from 175 in 2016.

The transaction is expected to close in the fourth quarter of 2023, subject to regulatory approvals.

Valedo invested in Joe & the Juice in 2013. Joe & the Juice’s revenues grew by over 15x from over Dkr 150 million to around Dkr 2.3 billion ($329.7 million; €308.3 million) during Valedo’s investment period.

No financial details of the transaction were disclosed.

GA is a global investor with over $77 billion in assets under management as of 30 September. It is based in New York.

Valedo is an independent Swedish investment company that focuses on small and mid-cap companies in the Nordic region. It is based in Stockholm.