Focus Brands, an Atlanta-based developer of global multi-channel foodservice brands, has acquired smoothie and juice brand Jamba Juice for $200 million.
A subsidiary of Focus will purchase all of the outstanding shares of Jamba for $13.00 per share as part of the merger agreement, while Focus will then acquire all remaining shares through a merger at the same price as in the tender offer.
The transaction is expected to close during the third quarter of 2018, and following the close of the transaction Jamba will be a privately-held subsidiary of Focus and will continue to be operated as an independent brand.
According to Focus Brands, the merger will be mutually beneficial, as it will allow Jamba Juice to utilise Focus’s market experience to accelerate the growth of the brand.
Steve DeSutter, the chief executive officer of Focus Brands, said: “Benefiting from an extremely loyal customer base and strong franchise operators, Jamba Juice is one of the category leaders in the fast-growing smoothie and juice category.
“We are excited to welcome Jamba Juice with such an iconic heritage into our family of well-known and highly loved ‘fan favourite’ brands.”
Focus Brands is known for overseeing the success of the franchises Auntie Annie’s pretzels and Moe’s Southwest Grill.
Dave Pace, the chief executive officer of Jamba, added: “We are delighted to have reached this agreement with Focus Brands and are confident that it will result in a positive outcome for our guests, our franchisees and our employees.
“Over the last few years, we have worked hard to strengthen our foundation and reposition this iconic brand for the future. Partnering with Focus Brands will allow us to build on this work and further accelerate the company’s growth.”
© FoodBev Media Ltd 2019