Playa Bowls, a 250-unit superfruit bowl concept, has been purchased by Sycamore Partners.
The company was previously owned by Tamarix Equity Partners and other investors.
“We are excited to be partnering with Sycamore as we take this next step in the Playa Bowls journey,” Playa Bowls CEO Dan Harmon said in a statement. “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.”
The fast casual began in 2014 with a pair of blenders, a patio table, and a fridge, and has spread to 22 states and thousands of workers. While partnering with Tamarix, the chain added more than 150 franchised locations and streamlined its platform for future growth.
Playa Bowls—which offers more than 40 items such as açaí, pitaya, mango, green, and coconut bowls alongside oatmeal bowls, juices, smoothies, and cold brew—signed 14 multi-unit franchise commitments in Q1, representing 63 new shops in key markets like Manhattan, Sarasota, Phoenix, and Miami among other regions. It also inked nine single-unit franchise agreements in the quarter. For the year, the plan is to open 75 locations and sign more than 100 franchise commitments.
Sycamore Partners is based in New York and specializes in consumer, distribution, and retail-related investments. It boasts roughly $10 billion in aggregate committed capital raised since 2011.
“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,” Stefan Kaluzny, managing director of Sycamore Partners, said in a statement. “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.”
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.