Vaaka Partners acquires Jungle Juice Bar
The Finnish private equity company Vaaka Partners will invest in the juice and smoothie bar chain Jungle Juice Bar. The aim of the transaction is to support Jungle Juice Bar for international growth.
Current megatrends, such as consumers’ interest towards healthy food, eating outside and on-to-go products, support Jungle Juice Bar’s business and growth.
“Jungle Juice Bar is an excellent example of Finnish entrepreneurship, courage and perseverance,” says Ville Koskenvuo, Partner at Vaaka Partners.
Founders Noora and Petteri Fagerström opened the first juice and smoothie bar in the Jumbo shopping center in Vantaa, Finland in 2011. However, the beginning was not easy.
“During the fast initial growth period, the company’s money threatened to run out,” recalls Noora Fagerström, CEO at Jungle Juice Bar. “After the first years, we focused our product offering which made managing growth easier.”
Since then, growth has been fast and profitable. Currently, there are 21 juice bars in total in nine different cities in Finland. In 2016, the company’s revenues were over EUR 5 million, and the company employs more than 140 people. The aim in 2017 is to significantly grow the number of Jungle Juice Bar’s juice and smoothie bars and open the first bars in Stockholm, Sweden.
Jungle Juice Bar’s success has also been noted by others. In 2016, Jungle Juice Bar won Finland’s Best Retailer award from the Nordic Council of Shopping Centers. The owners of shopping centers appreciate the company as a tenant due to its ability to operate flexibly in different kinds of spaces, like under shopping center escalators and in passageways. In June, Noora Fagerström received the Veuve Clicquot New Generation award, given for the first time in Finland. The award is granted to a successful female leader in the beginning of her career.
“Jungle Juice Bar has a concept that customers love, and which also suits shopping center operators very well. We see tremendous potential in the company and want to be part of supporting their international growth,” says Koskenvuo.
“We are very happy to have Vaaka Partners join us, enabling us to accelerate our growth pace even further. Vaaka Partners’ team and their industrial advisors have already been an indispensable help in developing our growth strategy and planning our international growth,” Noora Fagerström says happily. “We would also like to thank the angel investors that helped us during the early stage’s rapid growth period. As entrepreneurs, we have always decided to use the best possible help and support in order to ensure fast growth,” Fagerström continues.
After the transaction, Noora and Petteri Fagerström will continue as significant minority owners, and the private equity fund managed by Vaaka Partners owns the majority of the company.
About Jungle Juice Bar
Founded in 2010, Jungle Juice Bar is a juice bar chain specializing in healthy juices and smoothies. Currently, there are already 21 Jungle Juice Bar juice and smoothie bars in nine different cities: Helsinki, Espoo, Vantaa, Tampere, Turku, Raisio, Kuopio, Lappeenranta and Oulu. The company employs more than 140 people. www.junglejuicebar.fi (in Finnish)