The Boost Investment Group, owners of Boost Juice Bars and Salsa’s Fresh Mex Grill, has finalised an agreement for US-based private equity firm Riverside to acquire a majority stake in the firm.
Boost Juice Bars was started by Janine and Jeff Allis in 2000 and has expanded from one juice bar to over 250 stores in 14 countries.
Two years ago, Boost Investment Group acquired a majority stake in the growing fresh Mexican chain Salsa’s, taking it from four to 20 stores in the last 18 months.
“It has been an amazing journey over the past ten years, but there comes a time when you need to refresh and challenge yourself and for the business to fulfil its full potential on the world stage,” Janine Allis says. “Strategically, we are well positioned to become the dominant force in juice bars around the world, and locally we are ready to add more quality retail brands to our group. We believe Riverside’s strength in acquisitions, franchising and international platforms make them the perfect fit for us. In fact, we have so much confidence in the next stage of the business that we have kept the majority of our shares in the new partnership with Riverside.”
Jeff Allis will continue to run Boost Investment Group as chief executive and Janine will continue her strong involvement working with the executive team. All existing board members and shareholders, Geoff Harris, Marc and Daniel Besen and Rod Young, will continue to hold shares in the new entity.
The investment in Boost marks the first Australian acquisition in Riverside’s history and is part of a broader strategy of expanding the Riverside Asia Fund into the Asia Pacific region.
“What a great way to get started investing in Australia,” says Riverside partner Simon Feiglin, who is based in the firm’s Melbourne office. “Boost is a high-profile company that’s enjoyed a great track record of success by virtue of providing exceptional products and outstanding service, led by Jeff and Janine Allis and a top-notch management team. We look forward to working with the Boost team to make the company even bigger and better.”
Boost is the third platform investment for Riverside Asia Fund I.
