Retail Zoo
| Type | Private |
|---|---|
| Industry | Fast food |
| Founded | 2000 |
| Founder | Janine and Jeff Allis |
| Revenue | $178 million (2022) |
| $15 million (2022) | |
| Parent | Adamantem Capital |
Retail Zoo is an Australian company that owns multiple major restaurant chains, including Boost Juice, Betty’s Burgers and Salsa's Fresh Mex Grill.[1] It also previously owned the Hatch Chicken Shop and Cibo Espresso chains.
Valued at around half a billion dollars,[2] it is a private company that has explored a public listing on at least two occasions, first exploring and then putting on pause the idea in 2019; before resuming its pursuit of an IPO again in 2022.[2]
In 2023, Australian private equity firm Adamantem Capital acquired a majority stake in the company for $350 million.[3][4][5]
History
[edit]Retail Zoo was founded by Janine and Jeff Allis in 2000.[6] The company acquired the Cibo Espresso coffee chain in December 2012 and launched the Hatch Chicken Shop chain in 2013.[7][8]
A majority stake in Retail Zoo was later sold to private equity investor Riverside Company. In 2014 Riverside's shareholding was purchased by Bain Capital.[9][10] During this time, it explored a public listing on the ASX in 2019, but the listing ultimately didn't go ahead that year; and remained owned by Bain.[11][12][13][14] In 2022 the company lodged documents with the Australian Securities & Investments Commission to change its status to a public company.[1] However, it was later acquired by Australian private equity firm Adamantem Capital following a $225m capital raise through debt syndication by the Commonwealth Bank.[15]
Its reported valuation history is as follows:
| Date | Valuation | Source |
|---|---|---|
| 2014 | majority stake = $185m | SmartCompany[4] |
| October 2019 | $482m | Goldman Sachs estimate (sponsor-broker)[16] |
| April 2022 | $400m | AFR estimate[2] |
| February 2023 | majority stake = $350m | SmartCompany[4] |
In November 2024, Retail Zoo sold the Cibo Espresso chain to Retail Food Group for A$2.7 million.[17]
References
[edit]- 1 2 Macdonald, Anthony (9 March 2022). "Boost for earnings now, Betty's for growth: Retail Zoo update". Australian Financial Review.
- 1 2 3 "Bain's Retail Zoo tests appetite for ASX float". AFR.
Retail Zoo's private equity owner is ready to give its $400 million-plus float plans a boost.
- ↑ Macdonald, Anthony (7 February 2023). "Adamantem Capital hunts $200m debt for Retail Zoo buyout". Australian Financial Review.
- 1 2 3 Van, Tong (7 February 2023). "Bain Capital sells stake in Boost Juice, Betty's Burgers parent in a deal worth $350 million". SmartCompany.
- ↑ "Retail Zoo". VPEG4. Retrieved 2025-10-15.
- ↑ "Retail Zoo pair's $14.5m slice of paradise". The Australian.
The entrepreneurial Retail Zoo co-founders, Janine and Jeff Allis, have spent a record $14.5m to buy at Bilgola Beach on Sydney's northern beaches.
- ↑ Waters, Cara (2012-12-16). "Boost Juice parent company snaps up Cibo Espresso, on the hunt for businesses with "X factor"". SmartCompany. Retrieved 2025-10-20.
- ↑ Keating, Eloise (2014-05-29). "Boost Juice changes hands as private equity group Bain Capital acquires Retail Zoo". SmartCompany. Retrieved 2025-10-20.
- ↑ "Bain Capital and Janine Allis to buy Boost Juice". Sydney Morning Herald. 6 May 2014.
- ↑ Thompson, Sarah (17 March 2019). "Three banks in line for Bain Capital's Retail Zoo". Australian Financial Review.
- ↑ "Retail Zoo IPO on the cards". The Australian.
Investment bank Goldman Sachs is believed to be in the box seat to list Bain Capital's Retail Zoo business.
- ↑ Mitchell, Sue (23 June 2019). "IPO hopeful Retail Zoo to upsize Boost Juice, Betty's Burgers". Australian Financial Review.
- ↑ "Collins Foods gets taste for Retail Zoo as listing looms". The Australian.
Australian-listed KFC and Taco Bell operator Collins Foods has been weighing an acquisition of Boost Juice owner Retail Zoo from Bain Capital.
- ↑ "Bain Capital delays Retail Zoo IPO". Australian Financial Review. 23 October 2019.
- ↑ "CBA seeks buyers for $225m Retail Zoo debt, bank meeting Wednesday". Australian Financial Review. 27 February 2023.
- ↑ Thompson, Sarah; Macdonald, Anthony (1 Oct 2019). "Retail Zoo valued at as much as $482m: Goldman Sachs". Australian Financial Review.
- ↑ Stowe, Sarah (2024-11-04). "Retail Food Group buys Cibo Espresso". Franchise Executives. Retrieved 2025-10-19.