- The parent company of Boost Juice, Retail Zoo, has had its public float on the ASX suspended indefinitely.
- The decision was made on Tuesday by investment firm and part-owner Bain Capital, which told Business Insider Australia that it didn’t like “the current IPO market environment” and that “market conditions will be monitored going forward”.
- It comes as competitor Retail Food Group — the owner of Donut King, Michels, and Gloria Jeans among others — tries to raise cash to pay off its debts.
Retail Zoo, the parent company of Boost Juice, has had its plans to launch on the Australia Securities Exchange (ASX) suspended indefinitely.
The decision was believed to have been taken on Tuesday night by investment firm and part-owner Bain Capital.
“Bain Capital has made a decision not to launch a management roadshow for the potential IPO of Retail Zoo in the current IPO market environment,” a Bain Capital spokesperson confirmed to Business Insider Australia. “Market conditions will be monitored going forward.”
It’s a fair concern. Just last week Latitude Financial saw its $3.2 billion float on the ASX — anticipated to be the biggest of the year — go up in smoke. The week before that energy sector service provider MPC Kinetic pulled its one, while Retail Zoo competitor RFG — owner of Donut King, Michels, and Gloria Jeans among others — needs to raise some $190 million to get it out of trouble. Hardly an encouraging retail environment in which to go public.
Aside from Bain, the company is still owned by founder Janine Allis, among others. Allis’ husband Jeff serves as the company’s CEO.
The company has almost 650 franchises and company-owned stores. That’s made up primarily by Boost Juice and supplemented by burger chain Betty’s Burgers and Concrete Co, Mexican fast-food Salsas, and coffee shop Cibi Espresso.
It’s previously stated that it plans on taking Boost Juice overseas to the US, China, Japan and Germany, and said it had similar plans for Betty’s Burgers once it had an established footprint in Australia.
Its Australian float would have helped raise the investment required to move those plans along.
With no new launch date set, the company will juice have to wait and see.
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