SYDNEY May 30 U.S. private equity firm Bain
Capital said on Friday it bought Australian fast food company
Retail Zoo, owner of Boost Juice Bars, in a deal a source said
was worth about A$185 million ($171.84 million).
Bain and Retail Zoo, which has 294 stores in Australia and
another 100 stores in countries including Malaysia, South
Africa, the U.K., Singapore and Russia, confirmed the sale in a
statement without elaborating on the details.
A source with direct knowledge of the sale said the deal
valued Retail Zoo at about A$185 million, including a stake of
less than half to be kept by the company's husband and wife
founders, Executive Chairman Jeff Allis and Executive Director
The vendor was another U.S. private equity firm, The
Riverside Company, which the source said had wanted to sell
since late 2013. Local media reported Riverside bought a 65
percent stake for A$65 million in 2010.
The source declined to be identified because they were not
authorised to speak publicly about the matter. Bain and Retail
Zoo did not comment on the value of the deal. Riverside
representatives were not immediately available to comment.
Australian food companies are increasingly attractive to
offshore investors because they are well placed to capitalise on
the growing Asian middle class and its appetite for good quality
Earlier this month, Australian bread and dairy company
Goodman Fielder agreed to a A$1.37 billion takeover
offer from China's Wilmar International Ltd and First Pacific
On May 27, U.K.-based R&R Ice Cream Plc said it would buy
Australian ice cream company Peters Food Group Ltd from its
private equity parent Pacific Equity Group in a deal Australian
media valued at about A$450 million.
Bain said Retail Zoo represented its second major investment
in Australia after accounting software group MYOB, which it
bought from Archer Capital for A$1.3 billion in 2011.
($1 = 1.0766 Australian Dollars)
(Reporting by Byron Kaye; Editing by Stephen Coates)