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.
September 3, 2024