On Thursday, Focus Brands Inc. and Jamba, Inc. announced that the companies have entered into a definitive merger agreement, where Focus Brands will acquire Jamba for $13.00 per share in cash, in a transaction valued at approximately $200 million.
The deal is expected to close in the third quarter of 2018.
"Benefiting from an extremely loyal customer base and strong franchise operators, Jamba Juice is one of the category leaders in the fast-growing smoothie and juice category,” said Steve DeSutter, CEO of Focus Brands in a news release. “We are excited to welcome Jamba Juice with such an iconic heritage into our family of well-known and highly loved ’fan favorite’ brands.”
Atlanta-based Focus Brands is the parent company to Carvel, Moe's Southwest Grill, McAlister's Deli, Auntie Anne’s, Cinnabon and Schlotzsky’s. Through these brands, Focus Brands is franchisor and operator of more than 5,000 restaurants, cafes, ice cream shop and bakeries in the U.S., the District of Columbia, Puerto Rico and over 50 foreign countries. Jamba Juice has more than 800 locations worldwide.
“We are delighted to have reached this agreement with Focus Brands and are confident that it will result in a positive outcome for our guests, our franchisees and our employees,” said Dave Pace, CEO of Jamba, Inc in the news release. “Over the last few years, we have worked hard to strengthen our foundation and reposition this iconic brand for the future. Partnering with Focus Brands will allow us to build on this work and further accelerate the Company’s growth.”
North Point Advisors LLC is serving as financial advisor, and DLA Piper LLP is serving as legal counsel to Jamba. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Focus Brands.
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