Sycamore Partners Acquires Playa Bowls, the Nation's Leading Superfruit Bowl Shop

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Sep 03, 2024, 16:00 ET

NEW YORK, Sept. 3, 2024 /PRNewswire/ -- Sycamore Partners, a private equity firm specializing in consumer, distribution and retail-related investments, today announced that it has acquired Playa Bowls, a rapidly expanding franchise restaurant concept, from Tamarix Equity Partners and other investors.

Since its inception in 2014, Playa Bowls has grown to become the #1 player in the superfruit bowl shop segment with over 250 locations across 22 states and offers a diverse and healthy menu including acai, pitaya, mango, green and coconut bowls, juices, smoothies, cold brew and more.

"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. "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."

"We are excited to be partnering with Sycamore as we take this next step in the Playa Bowls journey," said Dan Harmon, Chief Executive Officer 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."

"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. During our ownership, Playa added more than 150 franchised locations and professionalized the platform to streamline future growth. We are thrilled with the outcome of this transaction and look forward to watching Playa Bowls' continued expansion," added Mark Hauser, Managing Partner of Tamarix Equity Partners.

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.

About Playa Bowls

Known as New Jersey's original acai bowl shop, Playa Bowls is the nation's leading superfruit bowl shop serving up an extensive and unique menu of over 40 items including the bright flavors of acai, pitaya, mango, green, and coconut bowls alongside oatmeal bowls, juices, smoothies, and cold brew made with the freshest, high-quality ingredients. What began as a pair of blenders, a patio table, and a fridge in 2014 has flourished into more than 250 shops nationwide that operate in 22 states, thousands of employees, and a mission to lead communities in healthy, sustainable living. The rapidly growing franchise has received numerous accolades including Forbes 30 Under 30, Fast Casual's Top 100 Movers & Shakers, QSR Young Leaders to Watch, and finalist for Ernst & Young Entrepreneur of the Year Award. To learn more about Playa Bowls, visit PlayaBowls.com and follow the superfruit bowl shop on Facebook, Twitter, Instagram, or TikTok. For more information on franchising, please visit franchise.playabowls.com.

About Sycamore Partners

Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, distribution and retail-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $10 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners' investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit www.sycamorepartners.com.

About Tamarix Equity Partners

Tamarix, founded in 1993, is a New York-based private equity firm that invests first institutional capital into family and founder-owned businesses. The Tamarix team has invested more than $1 billion since its inception. Tamarix Equity Partners seeks to build best-in-class companies in partnership with management teams, utilizing the firm's experience, capital, and network to support accelerated growth strategies. For more information on Tamarix Equity Partners, visit www.tamarixequitypartners.com.

Contacts

Sycamore Partners

Michael Freitag or Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
[email protected]

Tamarix Equity Partners

Mark Hauser
[email protected]

SOURCE Sycamore Partners