Retail Zoo

Retail Zoo
TypePrivate
IndustryFast food
Founded2000; 26 years ago (2000)
FounderJanine and Jeff Allis
Revenue$178 million (2022)
$15 million (2022)
ParentAdamantem 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. It also previously owned the Hatch Chicken Shop and Cibo Espresso chains.

Valued at around half a billion dollars, 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.

In 2023, Australian private equity firm Adamantem Capital acquired a majority stake in the company for $350 million.

History

Retail Zoo was founded by Janine and Jeff Allis in 2000. The company acquired the Cibo Espresso coffee chain in December 2012 and launched the Hatch Chicken Shop chain in 2013.

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. 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. In 2022 the company lodged documents with the Australian Securities & Investments Commission to change its status to a public company. However, it was later acquired by Australian private equity firm Adamantem Capital following a $225m capital raise through debt syndication by the Commonwealth Bank.

Its reported valuation history is as follows:

Date Valuation Source
2014 majority stake = $185m SmartCompany
October 2019 $482m Goldman Sachs estimate (sponsor-broker)
April 2022 $400m AFR estimate
February 2023 majority stake = $350m SmartCompany

In November 2024, Retail Zoo sold the Cibo Espresso chain to Retail Food Group for A$2.7 million.

References

  1. 1 2 Macdonald, Anthony (9 March 2022). "Boost for earnings now, Betty's for growth: Retail Zoo update". Australian Financial Review.
  2. 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.
  3. ↑ Macdonald, Anthony (7 February 2023). "Adamantem Capital hunts $200m debt for Retail Zoo buyout". Australian Financial Review.
  4. 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.
  5. ↑ "Retail Zoo". VPEG4. Retrieved 2025-10-15.
  6. ↑ "Retail Zoo pair's $14.5m slice of paradise". The Australian. Archived from the original on November 26, 2023. 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.
  7. ↑ 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.
  8. ↑ Keating, Eloise (2014-05-29). "Boost Juice changes hands as private equity group Bain Capital acquires Retail Zoo". SmartCompany. Retrieved 2025-10-20.
  9. ↑ "Bain Capital and Janine Allis to buy Boost Juice". Sydney Morning Herald. 6 May 2014.
  10. ↑ Thompson, Sarah (17 March 2019). "Three banks in line for Bain Capital's Retail Zoo". Australian Financial Review.
  11. ↑ "Retail Zoo IPO on the cards". The Australian. Archived from the original on November 26, 2023. Investment bank Goldman Sachs is believed to be in the box seat to list Bain Capital's Retail Zoo business.
  12. ↑ Mitchell, Sue (23 June 2019). "IPO hopeful Retail Zoo to upsize Boost Juice, Betty's Burgers". Australian Financial Review.
  13. ↑ "Collins Foods gets taste for Retail Zoo as listing looms". The Australian. Archived from the original on November 26, 2023. Australian-listed KFC and Taco Bell operator Collins Foods has been weighing an acquisition of Boost Juice owner Retail Zoo from Bain Capital.
  14. ↑ "Bain Capital delays Retail Zoo IPO". Australian Financial Review. 23 October 2019.
  15. ↑ "CBA seeks buyers for $225m Retail Zoo debt, bank meeting Wednesday". Australian Financial Review. 27 February 2023.
  16. ↑ Thompson, Sarah; Macdonald, Anthony (1 Oct 2019). "Retail Zoo valued at as much as $482m: Goldman Sachs". Australian Financial Review.
  17. ↑ Stowe, Sarah (2024-11-04). "Retail Food Group buys Cibo Espresso". Franchise Executives. Retrieved 2025-10-19.