Playa Bowls acquired by Sycamore Partners
Playa Bowls has a new private equity owner.
The fast-growing superfruit bowl restaurant concept has been acquired from Tamarix Equity Partners and other investors by Sycamore Partners. Known as New Jersey's original acai bowl shop, Playa Bowls was founded in 2014 and has grown to more 250 locations across 22 states. Financial details of the deal were not disclosed.
“We are excited to be partnering with Sycamore as we take this next step in the Playa Bowls journey," said Dan Harmon, CEO of Playa Bowls. "After a decade of hard work building a strong foundation, we believe Sycamore's support and resources, as well as their expertise in managing multi-unit-franchise organizations, will help us accelerate our growth as we continue to support our franchisees and delight our guests."
Playa Bowl stores offers a menu of over 40 items including acai, pitaya, mango, green and coconut bowls as well as oatmeal bowls, juices, smoothies and cold brew. The company plans to open 75 locations in 2024 and secure franchise commitments to enable the addition of 150 more locations in both existing and new markets.
"Playa Bowls has built a unique category leadership position with passionate customers, a loyal franchise base, and a great brand, which has allowed the company to scale rapidly in its first decade since inception," said Stefan Kaluzny, managing director of Sycamore Partners, which specializes in consumer, distribution and retail-related investments. "We are confident Playa Bowls has continued runway for growth and we look forward to partnering with Dan and his talented team to implement their strategy to reach more customers around the country."
Sycamore acquired Playa Bowls from Tamarix, a New York-based private equity firm that invests first institutional capital into family and founder-owned businesses.
"Consistent with our strategy of investing first institutional capital into founder-owned businesses, Tamarix is proud to have helped build Playa Bowls into a leading national franchise platform,” said Mark Hauser, managing partner of Tamarix Equity Partners. "During our ownership, Playa added more than 150 franchised locations and professionalized the platform to streamline future growth.”
North Point served as the exclusive financial advisor to Playa Bowls in connection with the transaction, with Skadden, Arps, Slate, Meagher & Flom LLP and Ice Miller LLP acting as legal counsel to the Company. Kirkland & Ellis LLP served as legal counsel to Sycamore Partners.
