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General Atlantic Deepens Partnership with Joe & the Juice and Becomes Majority Shareholder

November 13, 2023

Investment to help accelerate Joe & the Juice’s expansion in international markets and core value creation initiatives

Expanded partnership reflects Company’s strong fundamentals and global customer demand

New York – November 13, 2023 – General Atlantic (“GA”), a leading global investor, today announced it has entered into an agreement to acquire a majority interest in Joe & the Juice (“the Company”), a fast-growing freshly-made juice, coffee, and sandwiches concept, from Valedo Partners, which will fully exit its investment in the Company. General Atlantic first partnered with Joe & the Juice through a strategic minority growth investment in 2016. Upon completion of the transaction, General Atlantic will become majority control shareholder of the Company. Joe & the Juice plans to leverage its expanded partnership with General Atlantic to further accelerate the growth of its global footprint in key international markets, capitalize on strong customer demand, and extend its digital distribution channels.

Since General Atlantic’s initial investment in October 2016, Joe & the Juice has achieved global scale and strong performance, growing revenue profitably by more than 4x and doubling its store footprint. Today, Joe & the Juice has more than 360 stores around the world, up from 175 in 2016, boasting industry leading store paybacks and profitability. During its partnership with General Atlantic, the Company launched and has significantly invested in digital channels, which now account for 30% of sales and are growing. Part of General Atlantic’s investment will be used to reduce debt on the Company’s balance sheets and focus on an unlevered store rollout in key international markets, capitalizing on global customer demand for convenient, healthy food.

General Atlantic’s additional investment in Joe & the Juice underscores the firm’s conviction in the Company’s strong unit economics, concept, and digital momentum. Joe & the Juice intends to focus on continued international expansion in key markets, particularly in the U.S., where it now has ~70 stores, up from less than five at the time of General Atlantic’s investment in 2016. The Company sees growth opportunities in additional international markets, including the UK and Europe, Middle East, Asia, and Latin America. Following its success in the Middle East region, where Joe & the Juice now has 23 franchised stores, the Company plans to accelerate its franchising partnership worldwide.

“As a long-term partner to Joe & the Juice, General Atlantic is proud to become a majority investor in the brand and continue our collaboration with the management team. Joe & the Juice’s business momentum is inflecting, and we are excited to build on the Company’s digital traction and accelerate company-owned and franchised unit growth,” said Andrew Crawford, Managing Director and Global Head of Consumer at General Atlantic.

“Our increased investment in Joe & the Juice is a testament to the global receptivity of the brand. Joe & the Juice reflects broader secular trends of convenience and healthy living, while also possessing a brand which resonates with customers in multiple markets. We see further runway to double down on our commitment and unlock the business’ full potential,” added Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic.

“We are delighted to have General Atlantic’s expanded commitment to Joe & the Juice. Over the past seven years, General Atlantic has demonstrated a true dedication to collaboration as we have worked together to achieve our growth aspirations,” said Thomas Noroxe, CEO of Joe & the Juice. “As we make strides into our next chapter, we look forward to bringing Joe & the Juice to more customers globally through our focus on geographic expansion, franchising, and a seamless omni-channel experience.”

Founded in Copenhagen in 2002, Joe & the Juice uses high-quality, natural, and organic ingredients in its freshly prepared juices, shakes, coffee, and sandwiches. The Company offers a modern urban ambiance appealing to customers looking for convenience as they live fast-paced, healthy lifestyles. Joe & the Juice’s emphasis on customer service has created a unique atmosphere within its stores, where customers can work or socialize while enjoying exceptional juice and coffee products. The company has a strong global presence with over 360 stores worldwide.

The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals.

About Joe & the Juice

Joe & the Juice is an urban juice bar and coffee concept operating in more than 360 locations across 18 countries. Founded in 2002, the company sells freshly prepared juices, shakes, sandwiches, and coffee, using natural and organic ingredients sourced from growers directly. The differentiated concept offers a modern, urban, and hip ambiance makes it easy for customers who like a fast yet healthy lifestyle while still enjoying an authentic and unique brand. www.joejuice.com

About General Atlantic

General Atlantic is a leading global investor with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has more than $77 billion in assets under management inclusive of all products as of September 30, 2023, and more than 220 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com .

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Joe & The Juice Global Brand Director Kasper Garnell on how the chain is positioning itself as a ‘lifestyle’ brand

Danish juice and coffee bar chain Joe & The Juice entered the U.S. in 2016. Today, the service restaurant has 58 stores across 9 states in the U.S. including New York, California and Florida.

Established in Copenhagen in 2002, the chain — which offers fresh juices, shakes, coffee and sandwiches — has 338 stores globally mainly across Europe and the U.S. The company entered the Middle East region last year in partnership with local franchises. The company is testing the franchise mode at scale in the Middle East region with partners like Lavoya in Dubai and FB Hospitality in Qatar to name a few. The company is expected to explore similar partnerships to expand to new countries such as China and Mexico. 

This week, Joe & The Juice will introduce its first in-store collaboration with hot sauce brand Jah Mama Sauce , founded by Panama-born and Brooklyn-raised Jahphet Negast Landis in May 2021. The limited-edition Jah Mama Sauce add-on option is available at Joe & The Juice locations in New York, Miami and Los Angeles beginning March 13 for 50 cents.

In an interview with Modern Retail, Joe & The Juice Global Brand Director Kasper Garnell talks about the brand’s U.S. journey, understanding the U.S. customer and future growth frontiers for the company. This interview has been edited for length and clarity.

What inspired this in-store partnership with Jah Mama Sauce? I had through friends heard about this hot sauce — a couple of my friends had invested in it. One of them invited me to breakfast late last year. And he said, ‘you gotta try this hot sauce.’ He showed me the hot sauce and I put it on the breakfast bagel and it just tasted amazing. The salesman that he is, he was like — ‘you got to have this in your store.’

When I get approached for collaborations, which I do quite a lot, I’m always a little bit hesitant, but obviously I reached out to Jah [founder of Jah Mama Sauce] because [my friend] David Grutman is normally a good judge of character. I really hit it off with Jah and his team. I really liked the whole story of the hot sauce and how it came about, it’s [Jah’s] mama’s secret recipe from Panama. And when his mom passed away, he wanted his mom’s spirit to live on through the brand.

I was looking for some way to tie this into our own brand story. And then coincidentally, our tuna sandwiches [Spicy Tuna and Tunacado] blew up on social media especially on TikTok in September last year. And people can always put hot sauce on the sandwiches, but people can hack the system and instead of just ordering the spicy tuna sandwich, which comes with hot sauce, they order the tunacado and then just add hot sauce.

So, there was a lot of online conversation going on among the community about this and that resulted in these tuna sandwich sales increase by more than 150% in the U.S. in the fourth quarter. And then it was like I actually kind of have the perfect story to tie this new hot sauce brand into.

What are you hoping to achieve from this partnership? We’ve produced 5,000 bottles initially, it’s going to be an add-on to the sandwiches.

For us, it was more of a brand play, to be honest. It’s a fun collaboration for us to have something relevant to talk about. For me, it’s more fun to create the content that comes out of it — that’s truly the reason why I did it. I actually didn’t do this to make more money. If it happens, it happens. And that’s always nice. This is our first major partnership and I wanted to try this out in the U.S., which is the market where we receive the most interest for the brand currently.

I want to test it out in the three key markets — L.A., Miami and New York — in phase one and go national in all our 58 stores across nine states eventually.

Can you talk about Joe & The Juice’s overall growth strategy more broadl y , and how this partnership fits into it? From a branding perspective we want to transition more and more into a lifestyle brand. I would love to branch out of just being known for making juices and sandwiches and coffee. If that means that through our app, we can create a community with other brands to conduct yoga sessions, or join a running club or something more and tap into that healthy lifestyle.

I love doing these collaborations where there’s more to the story than just the product — we did with Jah Mama. So, from a purely brand and marketing perspective, we want to develop the brand to be more lifestyle focused.

Hopefully, we will also get into developing merchandise, that’s a very big untapped market that we haven’t really done a lot with. I would love to develop that more. We tapped a little bit into e-commerce and retail during Covid, because the stores were closed. So, we developed a little web shop where we sold coffee capsules and stuff. And we saw a lot of traction on that. While as a company, we are not currently ready to scale that up and allocate resources to really make a go for it. But that’s something I have in the pipeline over the next 18 to 24 months.

We keep getting approached almost monthly by Whole Foods and Trader Joe’s and other companies that would like to have us create some retail products that we can sell in their stores. And because we still don’t bottle our juices, it hasn’t really been possible for us. So, that’s something we obviously would like to tap into eventually as well. And, globally, we would like to double the amount of stores we have in the next five years.

Can you talk about plans for further international expansion? In the short term, I would say most of our expansion will be in Europe. I would say our expansion will be 65% to 70% in Europe, and the rest in the U.S. that’s kind of what we’re focusing on. I haven’t taken into the equation our franchise stores in the Middle East, because that’s run by our franchise partners. It depends on whatever their resources and expansion abilities are. But in the U.S. and in Europe, especially in the U.S., we will probably stick to the local cities that were in already present in.

What have you learned about the U.S. consumer in these last seven years? They are definitely more demanding than consumers in other markets, but not in a bad way. They know exactly how they want things and they want to customize things to their liking. It’s something we obviously learned quickly. And it’s something that also changed our workflow a little bit.

In Scandinavia, for example, when people go out they order things on the menu. But in the U.S. it is very much — ‘I want that thing, but I want them without strawberries, and I want peanut butter, and I want kale.’ They’re very specific about all that. And it made us really change the business model a little bit, because we needed to have the ability to handle that.

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How burgerfi ended up on the road to bankruptcy, joe & the juice has a new majority owner.

The growing Joe & the Juice chain has a new majority owner.

Investment firm General Atlantic on Monday announced it has entered into an agreement to acquire a majority stake in the juice, coffee and sandwich chain and the previous owner Valedo Partners will fully exit its investment in the company.

Terms were not disclosed but the deal is expected to close in the fourth quarter this year.

General Atlantic made an initial investment in Joe & the Juice in 2016, when Joe & the Juice had about 175 units. Since then, the chain has grown to more than 360 units in 18 countries and is boasting “industry-leading store paybacks and profitability,” the announcement said.

The new investment will be used to reduce debt and fund unit growth in key international markets, as well as the U.S., where the chain has about 70 units.  Joe & the Juice has about 23 franchised units in the Middle East, and the company plans to expand franchising worldwide.

“As a long-term partner to Joe & the Juice, General Atlantic is proud to become a majority investor in the brand and continue our collaboration with the management team,” said Andrew Crawford, General Atlantic’s managing director and global head of consumer, in a statement. “Joe & the Juice’s business momentum is inflecting, and we are excited to build on the company’s digital traction and accelerate company-owned and franchise unit growth.”

Founded in Copenhagen in 2002, Joe & the Juice offers a menu of healthful juices, shakes, coffees and sandwiches. The company has been investing in growing digital channels, which now account for about 30% of sales.

General Atlantic has a couple of other restaurant investments in its portfolio, including Torchy’s Tacos and the India-based casual-dining chain Absolute Barbecue.

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Joe & the Juice gets new majority owner after private equity giant swoops

By: Laura McGuire

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General Atlantic has reached an agreement to buy a majority stake in Joe & the Juice, the trendy sandwich and smoothie chain. 

The US private equity firm, which has been a minority stakeholder since 2016, bought the stake held by Swedish private equity firm Valedo Partners, who will now no longer have an investment in the cafe chain. 

The deal will see General Atlantic pump funds into the pricey pink coffee chain to help with its growth in international markets, particularly in the US and also reduce its debt pile.

Melis Kahya Akar, managing director and head of consumer for EMEA at General Atlantic, said: “Our increased investment in Joe & the Juice is a testament to the global receptivity of the brand. 

“Joe & the Juice reflects broader secular trends of convenience and healthy living, while also possessing a brand which resonates with customers in multiple markets. We see further runway to double down on our commitment and unlock the business’s full potential.”

Joe & the Juice was founded in Denmark by Kaspar Basse, the son of two successful Danish businesspeople.

It has performed well in recent years with sales rising 49 per cent in the 12 months ended 31 December 2022 and has over 60 sites in the UK. 

Thomas Noroxe, chief executive of Joe & the Juice, said: “We are delighted to have General Atlantic’s expanded commitment to Joe & the Juice. 

“Over the past seven years, General Atlantic has demonstrated a true dedication to collaboration as we have worked together to achieve our growth aspirations.”

He added: “As we make strides into our next chapter, we look forward to bringing Joe & the Juice to more customers globally through our focus on geographic expansion, franchising, and a seamless omnichannel experience.”

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Joe & The Juice aspires to be the Starbucks of juice without losing the ride-or-die culture that sets it apart

Being a juicer isn’t just a job—it’s a lifestyle. That’s the Joe & The Juice motto. 

Valerie Simmonds, 27, bought into that lifestyle after graduating culinary school and working as an assistant pastry chef in Miami and New York. The culinary world was stressful and unrelenting; Simmonds says she felt lost and unsure about what she wanted to do with her life when Joe came along.

She was drawn in after watching videos of Joe & The Juice founder, Kaspar Basse, talking about Joe’s purpose and his hope that people who didn’t know what they wanted to do in life would find meaning.

Being a juicer at Joe & The Juice, the upstart fast-casual juice bar and coffee shop with aspirations of competing with Starbucks , helped coax Simmonds out of her shell. She barely spoke when she started working behind the bar, she says, but her managers hyped her up and pushed her to be more outgoing. She says they helped her to learn from mistakes, express herself, and to compete.

That’s the culture of Joe & The Juice, which serves up coffee, juice, and sandwiches—including the TikTok famous Tunacado (iykyk)—with a dose of late-2010s exuberance. And Basse, who founded the company in Denmark in 2002, has more or less gotten out of the way and let it spring from the ground up.

Basse doesn’t force manuals and uniforms on employees, instead encouraging individuality. With over 300 locations worldwide, each store is meant to take on the character of the managers and staff who work there. But as the chain continues to grow—Basse has a goal to expand by 60 to 70 stores in the U.S. alone in 2023—is it possible to maintain that culture?

It was this spirited, inclusive culture that made Simmonds fall in love with Joe & The Juice. There were game nights and events; they’d get together to play soccer and for running clubs, which helped her form relationships with coworkers. It was about more than the job—she and her coworkers loved Joe because it brought them together, she says. 

That’s not to say Joe & the Juice’s culture is an accident. In a world where companies and organizations are consistently falling over themselves to instill some semblance of company culture , Basse did perhaps the most difficult thing and let the Joe & The Juice vibe come organically through the people pouring the drinks. 

The culture is the juice

Basse wasn’t all that concerned with culture when he set out to create a fresh-squeezed juice empire some 20-plus years ago. That changed quickly, however, and now the Joe & The Juice culture is all people seem to be able to talk about.

“I would love to tell you that 20 years ago I figured out that [culture] is the one component that most companies can’t figure out, therefore I wanted to compete on that,” Basse tells Fortune during a recent interview via Zoom .  “But it actually was something that just came along… And luckily for me, quite early in our process.”

Two years into running Joe & The Juice, Basse needed someone to fill in while he attended his mother’s birthday party. He couldn’t afford to hire any other employees, but one of his first loyal customers, Philip Finsteen, offered to pitch in.

As Joe & The Juice legend has it, Finsteen tripled the store’s sales in a single day through sheer charisma. From then on, Basse turned his company’s focus to pushing people over products.

Just as important to Joe’s culture as individuality, is the competitive nature—also arguably good for the bottom line. Juicers compete behind the bar. They have friendly competition with workers making sandwiches. Hell, they even hold company-wide competitions called “Showoffs,” where juicers twirl blender containers on their heads, pour juice into cups balanced on biceps, and breathe fire, all to a soundtrack of 808-bumping mixes that would give 2012’s Project X a run for its money—if the film centered around freshly squeezed organic juice instead of booze and girls.

Basse is a former karate champion—and he resembles, tattoos and all, the bad guy honcho in a Karate Kid sequel. So it’s fitting that competitiveness sits at the core of the chain’s culture.

Simmonds, and fellow New York regional manager Muhammad Haq, consider themselves beneficiaries of the culture Joe & The Juice has engendered. Their roles are to hype up their juicers, making sure the vibe is right for business to thrive. They talk about Joe & The Juice with a reverence and gratitude, as something that’s changed their life—a company culture seemingly too good to be true in a cynically corporate world.

Haq, 24, starts every day checking in on the bar managers at his stores in the Financial District, making sure everything is in order, and the music is on point. I stopped by one of Haq’s stores near the Fortune office just after the lunch rush. A remix of “Love Language” by Australian band Crooked Colours seeped out of the speakers. I’d never heard the song before, but some employees bopped around to the music while cleaning and chatting with one another. The vibe seemed right.

“When everything is working the way it should be in the [juice] bars, you can have fun, you can be curious about what’s happening,” Haq says. “You can have that expectation that when you walk into the bar, and everything is the way it should be, that there is going to be that Joe vibe.”

Putting culture on a cup

Virtually all companies with lofty goals of growth and a competitive, cult-like spirit have had to grow up at some point. Will Joe? Will the guerilla juicery ever have to settle into homogeneity? Can it keep that Joe DNA while on Basse’s odyssey to build Joe & The Juice into Starbucks without becoming Starbucks?

The journey hasn’t been without its challenges. Two years into its U.S. foray, Joe & The Juice was forced to contend with major questions about its culture . A sex discrimination suit was brought by the Equal Employment Opportunity Commission in 2017, asserting the company failed to hire and promote women at its American locations.

Company representatives said in a statement that Joe & The Juice has “always actively promoted gender equality. However, in recent years they have strived to meet the highest standards of inclusion in both their U.S. organization as well as globally.”

The proportion of women in their U.S. business is currently 57%, which the company says exceeds its 53% global average. Among management, 55% of Joe’s senior managers are women and 43% are managers. “The brand looks forward to continuing to evolve and learn from the past,” reads the statement.

Joe & The Juice paid $715,000 in February 2023 to settle that lawsuit. As part of the agreement, the company is under a four-year improvement plan to ensure equal access to promotions.

In hopes of ensuring Joe & The Juice holds on to some semblance of the free flowing, fire breathing individuality and culture that’s endeared it to its workforce and its viral charged fanbase , the company created its own version of a SWAT team, a mobile management team that travels to new locations and encourages juicers to latch onto that signature Joe DNA.

Basse admits this had been a struggle as Joe expanded to its 64 U.S. locations. Representatives for the company say it’s managed to improve profitability since jumping the pond, pulling in some $70 million in revenue per year in the U.S.

It’s abundantly clear Basse is wrestling with competitive ambitions and his passion for the culture: He wants to grow, but doesn’t want to risk spreading his people—the culture—too thin.

“Everybody wants to be challenged. Everybody wants to be able to progress. Everybody wants to develop their social network. And, eventually, everybody wants to work for a company that does good in this world,” Basse says. “I am of the belief that these things are the same no matter where you approach the world. I think our model can be applied in Scandinavia, in the U.S., in India, in the Middle East—but that might just call for a little bit of patience.”

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Coffee, Sandwich, And A Side Of Edgy: How Joe & The Juice Aims To Take Over The U.S.

The Danish import claims to offer fresh food and drinks with a unique ambience. Is that enough to compete in the crowded U.S. market?

BY  Rina Raphael 9 minute read

Here are some things you likely won’t find at Joe & The Juice, the Danish franchise that’s like a Starbucks, Jamba Juice, and Le Pain Quotidien all rolled into one: scripted cashier greetings, bathroom codes, or a generic easy-listening soundtrack on a loop.

And here’s what you probably will encounter: a lively staff that makes an effort to connect with customers and, by blasting an idiosyncratic playlist, for instance, gives the place a distinct vibe. Vibe—now that’s a term rarely associated with food and beverage chains.

“The music is always so fun, as well as the staff,” reads one Yelp review. Another notes: “The spirited young boys behind the counter were rugged, good looking, sexy, fast, and efficient while engaging in a fraternal banter that set a good energy . . . this place has the vibrancy and fun feel of a bar.”

That’s exactly what Joe & The Juice is going for. Founded in 2002 by Kaspar Basse, a former professional karate champion from Denmark, the company is establishing itself as the go-to place for health-conscious people who like their fresh-pressed juice served with a side of edgy. The locations usually offer a spacious communal area outfitted with slick midcentury furniture, bright art, book-lined shelves, and a free photo booth. Joe & The Juice sells coffee, tea, sandwiches, fresh juices, smoothies, and veggie shots made with organic ingredients and prepared on the premises. You have your pick of juices like Hangover Heaven (apple, elderflower, mint), Go Away Doc (carrot, apple, ginger), and Sex Me Up (passion fruit, apple, ginger).

For Lars Bo Hansen, the senior executive director at Valcon Management Consultants who used to consult for Joe & The Juice, everything rides on the in-store experience. “It is the ambience and the emotional factors that differentiate them,” he says. “Obviously, the products are healthy, but the freshness and the vibe combined makes it unique.”

With more than 170 branches in 14 countries, Joe & The Juice has big ambitions. You can spot them all over Europe, in trendy neighborhoods or places with heavy traffic like Reykjavík-Keflavík Airport. There are currently five U.S. stores in San Francisco, New York City, and most recently, Miami. But that’s just the beginning: Several hundred more locations are slated to open in the U.S. in the next few years. General Atlantic, a leading growth equity firm, announced a strategic investment in the company in October 2016 to fuel its North American growth.

Ask Basse what the key is to rapid, successful expansion and he’ll tell you it all comes down to one thing: hiring the right people.

The “Casting” Process

As a former athlete, founder and CEO Basse understands the importance—and draw—of nutrition. When he started to kick around the idea of launching his own company, he realized he loved the concept of Starbucks, save for two big omissions: the lack of freshly prepared healthy food and a distinctive atmosphere.

“We are probably the only ones to deliver three categories [coffee, juice, and food] without being a restaurant,” Basse says. “We deliver a more intimate, inspiring atmosphere and more nutritious, better tasting products than most of our competition.”

The U.S. market seems ripe for an efficient chain that can offer more than just plastic-packaged tuna sandwiches. But with Joe & The Juice, it’s not just what’s served—it’s how it’s served. And that’s where the employees come in.

The staff, called “juicers,” are encouraged to be themselves in how they dress and talk, and even to play their own music. They’re given control of their stores, and in return, treat it as such. They bring their personalities to work. The idea is that employee freedom fosters a strong relationship between barista and customer.

“It brings such a unique culture and environment,” Basse says. The baristas are encouraged to joke around, discuss the news, and share their favorite albums with customers. It’s something he imagines that young Americans would appreciate. “The U.S. is the entertainment capital of the world, so we probably fit better in the U.S. than in many other parts of the world,” he says.

Basse says staffers feel a particular sense of ownership since they know they have a future with the company. At Joe & The Juice, 99% of mid- and top management started out as juicers. The upward mobility has transformed the way the company hires and how staff regard their jobs.

So how does one become part of the Joe & The Juice team? Via a rigorous, structured recruitment program known as “casting.” “It’s very functional, fun exercises over the course of a few hours,” Basse says.

Potential hires partake in various social, personal, and physical tests ranging from how fast they can operate a juicer to how well they can chitchat. Does their dialogue sound natural? Can they easily follow a strawberry banana smoothie recipe? Are they charming?

The company maintains that it hires both men and women, but a look at the website reveals a dominance of dudes, most of whom are good looking. (We’re not the first to notice the predominance of pulchritude .) A video of an employee party , in which the overwhelming majority of attendees are male juicers competing in relay races, confirms the bro vibe. It looks like a hipster Chippendales.

These competitions, called “show-offs,” are meant to promote a “youth culture that is fun and filled with social ties and love, but also demands dedication and ambition,” Basse says in a follow-up email to our initial interview. He maintains that the company practices neither gender nor aesthetic profiling when recruiting—that even though currently 80% of juicers are male, Joe & The Juice actively tries to attract all genders and backgrounds. Women are encouraged, he says, to join the ranks and participate in company functions. In fact, it was a woman who won Joe & The Juice’s latest casting competition in New York City. “Diversity is increasingly a vital focus for us,” Basse says.

As for the preponderance of the genetically blessed among the ranks, perhaps, Basse wagers, happiness just looks more attractive. “We are a group of people who feel almost ‘family ties’ in our work and social relationships,” he writes in his email. “That’s why we come across as a group of similar-type individuals. In fact, we are absolutely not more attractive than any average person on the street, but our common belief in what we do makes us shine a little bit.”

Ideally, the shared values also help the company’s retention rate. Basse stresses his dedication to finding the right recruits from the get-go in the hopes of keeping his staff long term and helping them advance in the organization. He has seldom looked outside for manager and executive positions, reasoning that they rarely have the same understanding of the company’s ethos or culture. Limiting turnover, he says, “really makes sense. It’s a good, healthy signal to show people from the inside that if you love this and are ambitious in this company, there are a number of levels of achievement and positions you can apply for and obtain.”

Valcon’s Hansen notes that while this sounds simple, many food and beverage companies fail to make it work: They kill motivation by stripping front-line employees of responsibilities and a sense of ownership. At Joe & The Juice, the goal is for employee enthusiasm to spill over into the café experience. “Motivating juicers motivates customers,” Hansen says. “Bored employees bore customers.”

Joe & The Juice offers its employees full benefits, including health insurance and time off. (Though no literal ownership: Stock options are currently not part of the package.) There’s even a financed “exchange program” for juicers to travel to and work in different cities to learn how sister branches operate. Hence, you might spot a Swede in the New York City location.

Basse has high hopes for next iteration of this program, going so far as to propose a future program in which Joe & The Juice partners with New York University or University of California, Los Angeles so that the exchange staff can take college courses in addition to their overseas work.

“This is our own way to educate young people so that eventually working with Joe & The Juice becomes the ultimate contemporary education for young people, from both a practical and theoretical level,” Base says. “It goes a little beyond just serving products.”

A New Challenge

As the company pushes forward in its latest challenge of conquering the U.S., it seems keen on attracting a consumer base that values authenticity, the current holy grail of marketing. The plan is to open 15 more U.S. stores in the coming year, with an emphasis on San Francisco, Miami, Chicago, and L.A. The brand will extend next into the Midwest and Southwest, starting with Austin.

Andrew Alvarez, an industry analyst at the research group IBISWorld, says entering the U.S. market is a “tall order” for any foreign brand, though he thinks Joe & The Juice has a pretty solid brand concept that resonates with millennials, a powerful and sought-after demographic. In terms of competing with the big boys, there remains the lingering question as to which specific group Joe & The Juice markets to: the coffee addicts or the health enthusiasts? Can it appeal to both?

The two segments have become particularly picky over the last few years. Traditional fast food is experiencing a slump as consumers shift to healthier eating habits; that zeal extends into the beverage market. The smoothie/juice industry has been invigorated over the past five years by the cold-pressed juice craze, which is typically a lower-calorie, healthier option than sugar-saturated smoothies that have taken a hit. Combined, the smoothie/juice industry revenue is expected to increase an annualized 2.8% to $2.3 billion in 2016.

Meanwhile, the third-wave coffee movement has taken hold as consumers expect artisanal quality from their morning buzz. The $40 billion coffee and snack shops industry expects 4.5% growth in the next year, thanks to increased consumer spending and greater confidence in the country’s economic outlook. (Starbucks and Dunkin’ Brands Inc. lead the way, with 42% and 25%, respectively, of market share.)

Somewhere between these two industries lies Joe & The Juice.

“How do you appeal to those two demographics?” Alvarez says. “It’s definitely a tough nut to crack.” Alvarez believes Joe & The Juice has more in common with Starbucks than a juice bar, but he sees the healthy offerings swaying a segment that demands freshly prepared, nutritious options along with their morning beverage.

“This is a larger trend that doesn’t seem to be going away,” says Alvarez. “It’s only going to seem to move forward in that direction, toward more transparent, healthier offerings.” Whether the increased presence of Joe & The Juice pushes Starbucks to widen its offerings remains to be seen. The stronghold also faces further competition from growing chains such as Peet’s and Caribou Coffee. As Alvarez notes, “So many different players are giving Starbucks a run for their money.”

For his part, Basse has nothing but respect for the coffee giant, though he does see room for improvement.

“I’m still a big admirer of Starbucks,” he says. “It’s indescribable what they’ve accomplished. But they don’t have our healthy profile, and they don’t have the same dynamic environment because their job is easier: They only have to do coffee. We have to do so much more.”

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Rina Raphael is a writer who covers technology, health, and wellness. Sign up for her wellness industry newsletter and follow her at @rrrins   More

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Joe & the Juice: ‘We’re far from saturation point in the UK’

By Shwetali Sapte 2024-05-24T07:10:00+01:00

Joe & the Juice sees opportunity for up to 500 sites in the UK, as it works towards a goal of growing its global estate to 1000 stores in the next five years, CEO Thomas Nørøxe tells MCA.

The juice and food to go specialist has “different levels of ambition” following its acquisition by New York-based General Atlantic last year, according to the CEO. It currently operates more than 360 stores across Europe, the US, and Asia, including c70 in the UK and 49 franchised locations.

“We’re far from a saturation point in the UK,” Nørøxe says. “As we increase brand awareness, we increase our number of opportunities.

“If we can grow to 100 in a market like Denmark, why not 300-500 in the UK?”

His comments come as Joe & the Juice reported a 42% rise in revenue to DKK 2.4bn (£276m) in 2023. New initiatives, offerings, markets, and digital enhancements are all driving sales, according to Nørøxe.

“It’s the decisions we took coming out of Covid that are now being seen in our numbers.

“We’re also now seeing the US market follow the same trajectory as the UK. That’s really helping the results as well.”

Joe & the Juice is opening an average of two equity stores each week – on top of adding to its estate through franchising as well as building the infrastructure to manage more than 1,000 stores globally.

Alongside strengthening its senior management team, the brand is simultaneously focusing on new product development; digital enhancements; new markets; and operations.

“Coming out of Covid, we put a real focus on how we operate,” Nørøxe explains. “We put more people on shifts, which increased transactions, reduced wait times, and kept productivity steady.”

Expanding the breakfast offer

After building a robust coffee offer, the chain is now expanding its breakfast offer to further capitalise on the morning day part. The company launched its first breakfast sandwich, the Eggcado, earlier this year, building on the success of the Tunacado.

“It’s in the name…joe means coffee. Coffee had always been part of our concept, but we didn’t focus on specialty grade, working with the right roaster, and having good baristas. It goes back to our focus on quality.

“Historically we weren’t as strong in the 6-11am day part. Coffee is really pushing those sales.”

The brand also sees evening demand – particularly through delivery partners – and may develop an evening offer to bolster trade in the future.

The sales mix is now 40% juice, 40% food, and 20% coffee. As the brand amps up product development, it is also trialling kiosks in its home market of Copenhagen. These may be rolled out to certain locations, but human interaction remains important, according to Nørøxe.

The app has nevertheless driven up frequency and sales, he adds.

Growing outside London

Openings in the regions, including Birmingham and Manchester, have been well received – with many more to come.

“These openings give us a taste for more…those cities have similar potential [to London] in terms of site numbers.”

The brand has similarly proven its offer in Denmark, where it has been well received in both Copenhagen and other regions.

Outside Europe, its franchise partners have begun operating drive-thrus in the Middle East – a format which will be trialled in Denmark in the near future.

“We’ve seen what our partners in the Middle East have achieved with drive-thrus. We have a product that travels well…this will increase our whitespace in the UK.”

There’s also a gap in the drive-thru market for a ‘better for you’ offer like Joe & the Juice, according to Nørøxe.

However, the short-term focus remains on other areas where the brand is underrepresented in the UK, such as shopping centres.

Another approach that has worked well in Denmark is maintaining a presence at events – such as music festivals and fashion shows – an approach that the brand intends to try in the UK and US.

Following the acquisition

For Nørøxe, General Atlantic’s ambitions are “fully in line” with those of the management team.

With a strong partnership in place, Joe & the Juice remains focused on delivering profitability, with sustainability in mind.

“Venturing into new markets takes time and money,” he says. “There’s clear benefits of increasing our presence in markets where we already are.

“We need to be focused on cost increases, but be able to pay market salary and provide other benefits to staff at the same time.

“We come from the Nordics, where sustainability is very high on the agenda. We want to be in the driving seat – that’s in line with what we and our guests want.”

While inflationary pressures have abated somewhat, Nørøxe acknowledges there is consumer fatigue around price increases.

“I still think we have a well-priced product. Our growth is primarily coming from volumes, not prices.

With core markets and newer ones continuing to grow, he’s optimistic for similar growth in turnover in 2024.

“We’re very positive about the future.”

• Joe and the Juice

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Meet Thomas Nørøxe – the New CEO of Joe & The Juice

This month, we had the absolute privilege to sit down with thomas nørøxe - the new ceo of joe & the juice. thomas has been at the company for two years, previously as chief of staff, but he’s been involved with joe & the juice for much longer. prior to this, he was a partner at valedo partners, a private equity firm in stockholm which recognised the power of the joe & the juice brand and invested in the business in 2013..

Thomas has been the company’s CEO since June this year. We hear all about how his first months are going below. 

What started as a juice and coffee bar in Copenhagen is currently an internationally recognised brand with 300 locations in 16 countries. Tell us a little bit about the story of Joe & The Juice.

Joe & The Juice is a uniquely differentiated juice and coffee bar chain, with over 300 locations around the world. Our aim is to redefine the casual hangout spot by building a global lifestyle brand founded upon a truly distinctive ambience and experience, healthy and tasty made-to-order offerings, and a longstanding commitment to sustainability. Our customised, wellness-orientated offerings include a wide variety of signature drinks – juices, coffee, tea, shakes – and an expansive breakfast and lunch menu including salads, sandwiches, snacks, vegan items and more.

The first store was opened in Copenhagen in 2002 by our iconic founder, Kaspar Basse, with a Coca Cola fridge of fizzy drinks, beers and fruit, and a ritual called the ‘JOE handshake’ that our juicers had all mastered. Over the past two decades, our brand has seen significant growth in geographic footprint and brand recognition – from Denmark and the Nordics to the UK and US. The pandemic was difficult for the entire global food and beverage sector, but I can say that we’ve come out of it stronger than we were going into it. In fact, Q3 2021 is the best sales quarter we have ever had in the company.

You were recently promoted from Chief of Staff to CEO of the company. How is the transition process going?

It’s been an extremely busy quarter for me and the company, especially as our markets have been increasingly opening up after the many restrictions of the past 18 months. I’m thankful to have an experienced team at Joe & The Juice to help me hit the ground running.

In September we held a two-day strategy session for the global management team in Copenhagen to communicate and discuss our strategy and team approach, and to recognise our team and their extraordinary effort during the pandemic. This was also a good opportunity to speak to all the senior management about the leadership changes and any concerns they may have had. I am happy I have the full backing from the entire management team which makes the transition far simpler.

It’s definitely been a period of change and new challenges, but the work we did during the pandemic to strengthen our digital offerings and experience has put us on a very strong footing to execute our global growth plans.

What are some of the key goals you set for yourself?  

I see my role as both protecting the legacy and unique brand of Joe & The Juice, and pushing the boundaries of how we can drive impact and satisfy consumers around the world. At our core is building a community that inspires passion and satisfaction, and that starts with our ~2,000 employees. Our juicers are the foundation of the Joe experience – the vast majority of customers say the service and ambient experience drive their connection to Joe – and indeed, 70% of our management team started behind the bar as juicers. Kaspar, our founder who remains closely involved with the business, and I are very focused on continuing to empower our employees to showcase their personalities and build lasting careers at our company. I have a goal for Joe & The Juice to help our employees to grow professionally and personally while working at Joe and we are developing a career development programme that includes partnership with graduate schools to complement internal development with external education.

Looking ahead, we have clear initiatives in mind to drive revenue gains, expand our global footprint, and achieve long-term profitable growth. One very specific goal is to double our current base of 300 global stores by 2025. I also want to continue pushing our innovation-focused initiatives – from plant-based offerings to reimagined store designs for a tech-enabled world, to market-leading food sustainability processes.

Despite the COVID-19 pandemic and the closures that came with it, Joe & The Juice is doing incredibly well and has just recorded the company’s strongest revenue quarter (Q3 2021). How are you planning to build on this momentum?

What’s really driving our success over the past year and a half is our momentum in converting customers to our digital platform. One of the business’ biggest differentiators is the fierce loyalty the Joe & The Juice brand and community inspire in our customers. A primary goal as the pandemic hit was to seamlessly transition them to a convenient virtual experience on our Joe & The Juice app – which now has nearly 900,000 users.

At the same time, two-thirds of our restaurants remained open during the pandemic. We’ve done a great job of capturing higher demand across both in-person and digital channels, and sustaining our momentum with an omnichannel experience is a winning formula.

Our focus is on scaling our platform globally and I’m extremely confident in our strategy and our path to execution—we have years of growth and learning behind us and significant tailwinds from consumer megatrends including healthy eating and a focus on sustainable practices.

The US and the UK are priority markets for us. We plan to grow our presence in each significantly over the next five years, alongside a large expansion in Central Europe.

Tell us a little bit about Joe & The Juice’s ESG initiatives.

Being at the forefront of sustainable and inclusive practices is in our company’s DNA.

Minimising food waste is a particular focus for Joe & The Juice; we’ve actually developed a proprietary food waste app to track waste in real-time and we’re committed to delivering no more than 2%  food waste. We’re also very much committed to the principle of “reduce, reuse, and recycle” to lower the environmental emissions from our takeaway packaging. In a recent recycling pilot programme, we found that 60% of all waste from our juice bars is recycled.

What’s your go-to order at Joe & The Juice?

While I’ve come to love all of our juices after many years with the company, my favourite is Joe’s Identity. Often I’ll visit a store and order a Spicy Tuna along with my juice.

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Joe & The Juice expects ‘record' year following strong 2021 results

Joe & The Juice currently operates around 310 stores in Europe, the US and Asia Pacific | Photo credit: Joe & The Juice

Joe & The Juice has reported strong 2021 results as it continues to grow its presence globally, with the Danish coffee and juice chain forecasting a 'record' year in 2022.   

Reporting its financial results for 2021, the chain said revenues grew 30% to 1.1bn DKK ($149m) with operating profit increasing 9% to 272m DKK ($36m). 

Joe & The Juice expects profit to improve in 2022 but reported a loss of 233m DKK ($31m) for 2021 which the company attributed to high level of investments.  In a statement, the company said it anticipated 2022 revenue growth of at least 30%.

Thomas Nørøxe, appointed CEO in June 2021 with the goal of leading the chain’s international expansion, highlighted the success of the brand in Copenhagen, London and New York in particular, where return-to-work footfall boosted sales.  

In June 2022 Joe & The Juice announced its expansion into the Middle East , with Nørøxe hinting at likely expansion into further Asian markets ‘in the coming years’. 

“2021 gave us some of the best months we have ever had, especially in cities like Copenhagen, London and New York where return-to-work had a very positive impact on customer traffic. Both the revenue and EBITDA development exceeded our expectations and confirm that we are on the right path towards our goal of having a positive cash flow after investments. This is supported by the promising fact that 2022 is highly likely to become yet another record-year for us,” said Nørøxe. 

However, Nørøxe cited inflationary pressures and geopolitical tensions as possible headwinds to the company’s success this year. 

Joe & The Juice currently operates around 310 stores in Europe, the US and Asia Pacific, with plans to open at least 20 stores this year.  

In April 2022, Joe & The Juice indicated it could launch an IPO within five years.

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Joe & the Juice: Juicy Investment as Private Equity Takes Control

Joe & the Juice , a rapidly growing chain renowned for its freshly made juice, coffee, and sandwiches, has embarked on a transformative journey. In a significant move, General Atlantic, a prominent global investor, recently announced an agreement to acquire a majority interest in the company. This acquisition, valued at approximately €600 million ($641 million), marks a notable shift in the ownership structure, with Valedo Partners exiting its investment.

The brand, which saw a 49% sales growth in 2022, reaching record revenues of DKK 1.7bn ($247.6m), is at the cusp of a new era. With General Atlantic’s strategic support, Joe & the Juice is poised to further accelerate its global footprint, particularly in key international markets like the UK, while also aiming to reduce its debt.

This article delves into the strategic implications of this acquisition, the anticipated shifts in Joe & the Juice’s trajectory, and the transformative path charted for this beloved brand. We aim to provide a comprehensive understanding of the dynamics at play and the exciting prospects ahead as Joe & the Juice enters a new era of corporate evolution and potential growth.

About Joe & the Juice

Joe & the Juice , stylized in all caps, is a testament to modern entrepreneurial success. Founded in 2002 by Kaspar Basse in Copenhagen, Denmark, this chain has expanded beyond its Scandinavian roots to over 338 locations globally, including a significant presence in Europe, Asia, Australia, and North America. Known for its unique blend of coffee, juice, and sandwiches, Joe & the Juice competes with major chains but stands apart with its edgier vibe and manager autonomy.

In 2013, a pivotal moment came when Valedo Partners bought the company for $48 million, retaining Basse with a 10 percent stake. This move paved the way for further expansion, including General Atlantic’s initial investment in 2016, a strategic step to fund expansion into the United States.

The chain’s global reach extends across multiple continents. In North America, it has marked its presence in cities like San Francisco, Los Angeles, Chicago, and New York City, among others. Its European footprint includes cities like London, Paris, and Amsterdam, while in Asia, it has locations in Singapore and Seoul. This extensive network is a testament to its successful global strategy. For more insights into their unique offerings and philosophy, visit Joe & the Juice’s official website .

About General Atlantic

General Atlantic (GA) is a powerhouse in the growth equity sector. Founded in 1980 in New York, GA initially served as the investment team for Atlantic Philanthropies. This firm, led by billionaire Charles F. Feeney, quickly distinguished itself in the investment world. GA is known for providing capital and strategic support to global growth companies, with a significant influence across various sectors including Technology, Consumer, Financial Services, Healthcare, and Life Sciences.

As of November 2021, General Atlantic managed over $86 billion in assets, underscoring its prowess in the investment landscape. It ranks as the ninth largest private equity firm globally as of June 2023, reflecting its substantial market presence and influence.

The firm’s leadership has evolved over the years, with Bill Ford currently serving as Chairman and CEO. GA’s investment portfolio is diverse, including a recent stake in the Japanese specialty coffee chain % Arabica, reflecting its broad range of interests and global reach. For more information about General Atlantic and its investment philosophy, visit General Atlantic’s official website .

General Atlantic’s Controlling Stake

The acquisition of Joe & the Juice by General Atlantic represents a strategic shift in ownership and vision. General Atlantic, initially a minority shareholder since 2016, increased its stake to as much as 90 percent in 2023, purchasing it from Swedish firm Valedo Partners. This move not only signifies confidence in the brand’s potential but also a commitment to spearheading its future growth.

The deal, valuing Joe & the Juice at about $641 million, aligns with General Atlantic’s history of nurturing growth companies. This investment is expected to fuel expansion in key markets, with a focus on the UK, and supports efforts to reduce the brand’s debt, setting a solid foundation for future endeavors. For an in-depth analysis of private equity investments, visit Vetted Biz’s insights on private equity .

Impact of General Atlantic’s Investment

General Atlantic’s majority stake in Joe & the Juice marks a pivotal point in the company’s trajectory. This investment brings not just financial backing but also strategic expertise to catalyze the brand’s growth. With General Atlantic’s support, Joe & the Juice is expected to expand its global presence, especially in markets with high growth potential like the United Kingdom. This strategic partnership also provides an opportunity for Joe & the Juice to streamline its operations and reduce debt, thereby strengthening its financial position for long-term success.

The record revenues and growth Joe & the Juice experienced in 2022, a 49% increase in sales leading to $247.6 million in revenue, indicating a strong market position that can be leveraged for further expansion under General Atlantic’s guidance. For insights into the evolving landscape of the food and beverage industry, explore Valeo Partners’ perspective on continued expansion .

Transaction Details

Joe & the Juice was acquired by General Atlantic for $641 million. The acquisition signifies a major shift in ownership. General Atlantic is increasing its share from 30% to 90%. The deal reflects General Atlantic’s confidence in Joe & the Juice’s growth potential. The investment aligns with the firm’s strategy of fostering growth in companies. For further reading on the dynamics of private equity transactions, visit Valeo Partners’ insights on strategic investments .

Private Equity’s Interest in Food Chains

The food and beverage industry has increasingly caught the attention of private equity and venture capital firms. After a significant surge in 2021, with global private equity-backed deals in the sector reaching $54.7 billion, there has been a notable decrease in 2022, totaling $9.69 billion through the first 11 months. This downturn reflects broader market trends affected by factors like inflation and geopolitical uncertainties.

Despite the recent slowdown, private equity firms continue to see value in this sector. Notable deals, such as the $950 million investment in TreeHouse Foods Inc. by a UK-based private equity firm, highlight the ongoing interest and potential in food and beverage businesses.

North America, particularly the U.S. and Canada, has been the primary focus of these investments, accounting for about 41% of the global private equity deal activity in the sector through the first 11 months of 2022.

US Expansion

Joe & the Juice’s venture into the U.S. market is a crucial part of its global expansion strategy. The brand’s presence in major American cities, including New York City, Los Angeles, Chicago, and Miami, represents a strategic move to tap into the diverse and dynamic U.S. food and beverage market. This expansion offers both challenges and opportunities, from navigating a competitive landscape to catering to the unique tastes and preferences of American consumers.

Joe & the Juice’s American journey is not just about opening new stores; it’s about creating a unique brand experience that resonates with the American audience. This includes a focus on digital integration, which enhances customer engagement and streamlines operations, making it a critical aspect of their growth strategy in the U.S.

Global Expansion: Challenges and Opportunities

Joe & the Juice’s global expansion strategy involves navigating a complex web of market-specific challenges and opportunities. Expanding a franchise globally requires adapting to diverse cultural tastes, regulatory environments, and competitive landscapes. This necessitates a flexible approach, where localization of offerings and marketing strategies play a crucial role.

Additionally, global expansion offers opportunities for brand growth and recognition. By entering new markets, Joe & the Juice not only broadens its customer base but also gains insights into varying consumer behaviors, which can inform future business strategies and innovations.

Digital Business Growth

Joe & the Juice’s integration of digital technology is a significant aspect of its business strategy. This integration ranges from efficient point-of-sale systems to mobile apps that streamline ordering and customer engagement. Embracing digital technology not only enhances the customer experience but also improves operational efficiency, a critical factor in the fast-paced food and beverage industry.

By leveraging digital tools, Joe & the Juice can offer a more personalized and convenient service, meeting the expectations of today’s tech-savvy consumers and staying competitive in a rapidly evolving market.

Joe & the Juice’s Business Model: Not a Franchise

While Joe & the Juice’s rapid expansion mirrors that of many franchise models, it’s important to note that the company operates its locations directly rather than franchising. This approach allows for consistent quality control and brand experience across all its global outlets.

But do not stress, at Vetted Biz we have over 7,000 franchise options, offering a diverse range of industries and investment levels to suit various entrepreneurial interests and goals. And we will help you find the right one for you!

General Atlantic, known for its strategic investments in growth companies, has a diverse portfolio that extends beyond Joe & the Juice. Their recent investments include various sectors like technology, healthcare, and consumer goods. Each investment reflects GA’s commitment to supporting companies with strong growth potential and innovative business models.

These strategic investments not only underscore General Atlantic’s expertise in identifying promising ventures but also highlight its role in shaping the future of these companies, driving innovation and market expansion.

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How Joe & the Juice Pulled Off Its Hot-Pink Collab With Paris Hilton

The smoothie chain collaborated with paris hilton for its latest product launch that was.

Hot pink for fall? That's hot, according to Joe and the Juice. 

The Copenhagen-based smoothie company is turning September into "SLIVtember," with a Paris Hilton collaboration. In partnership with the 2024 Inc. Female Founders honoree , Joe & the Juice launched a pink Iconic Tonic smoothie -- named after one of Hilton's trademark sayings -- on Tuesday in all locations worldwide, but this isn't the first time the business has gone all-out for a product launch.

That might be because the founder of its marketing firm Potion PR, Juliana Goldman, starts working a year in advance to plan out social media campaigns. "You need a lot of runway to be able to do it right," she says. The Iconic Tonic has been in the works for over a year -- which is standard for the company's marketing plans. "Q4 is all about strategy and planning for the next year. And I think it's going to get even more long-lead. We should always be thinking a year ahead." 

When you plan ahead, you can integrate multiple elements into a launch or a campaign that are finer in detail -- or simply more fun -- such as a pop-up. Hilton and her media company 11:11 took over a Joe & the Juice location in Soho on September 10 and 11, which entailed furry pink wallpaper, hot pink TV screens, arcade games, and a mix of influencers on the scenes. The businesswoman also made an appearance to sip her new smoothie and sign copies of her new album, Infinite Icon . 

Joe & the Juice -- and Goldman -- have pulled off multiple collaborations before. The company teamed up with TikTok influencer Alix Earl earlier this year to launch the brand's first breakfast sandwich Egg-cado. It also just wrapped up a US Open collaboration with tennis athlete Nick Kygrios.

These partnerships combined Joe & the Juice's ability to create celebrity touchpoints and appeal to demographics on social media -- another lever Goldman says she's constantly pulling: "If I were a brand, I would make your social platforms approachable so that people can connect with you directly." Whether that means keeping Instagram direct messages open or responding to customers in the comments section, engaging on social media is something "you have to be doing" as a business, she says. 

Nothing's hotter than an in-person event, though. Juliana adds that hosting activations and pop-ups work in tandem with a new partnership. "If you want to make an impact, it's not just about hitting the masses. It's also the hyper-local stuff that is super successful," she says. "I think any brand can do that: any brand, any size, can connect with these people through these different channels, social media, and events."

A refreshed look at leadership from the desk of CEO and chief content officer Stephanie Mehta

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Private Equity Firm to Acquire Majority Ownership in Joe & the Juice

The 360-unit beverage chain wants to expand worldwide, including a new franchise program.

Private equity firm General Atlantic announced Monday that it will acquire a majority interest in Joe & the Juice, a growing beverage chain with stores around the world.

The company bought out Valedo Partners, which will fully exit its investment in the restaurant chain. The transaction is expected to close in the fourth quarter.

General Atlantic, which initially made a minority investment in October 2016, has three priorities for Joe & the Juice: accelerate expansion in international markets, capitalize on customer demand, and build digital channels. The capital will also be used to reduce debt.

“We are delighted to have General Atlantic’s expanded commitment to Joe & the Juice. Over the past seven years, General Atlantic has demonstrated a true dedication to collaboration as we have worked together to achieve our growth aspirations,” CEO Thomas Noroxe said in a statement. “As we make strides into our next chapter, we look forward to bringing Joe & the Juice to more customers globally through our focus on geographic expansion, franchising, and a seamless omnichannel experience.”

Since General Atlantic put dollars into the brand, Joe & the Juice has grown revenue by more than 4x and doubled its store footprint. The beverage concept has 360-plus locations worldwide, up from 175 in 2016. Additionally, the partnership with General Atlantic led to the creation of digital channels, which now account for 30 percent of sales.

Joe & the Juice told QSR last year that it had dreams of reaching 600 units by 2025, with 200 more in Europe and 100 domestically. Revenue increased $80.2 million to $165.3 million in 2022.

There were fewer than five U.S. units when General Atlantic got involved seven years ago, but now there are around 70 stores. The brand is based in some of the biggest DMAs the country has to offer, like New York City, Los Angeles, Chicago, Miami, and Washington, D.C. Along with the U.S., other key growth markets include the U.K. and Europe, the Middle East, Asia, and Latin America. Joe & the Juice built a budding franchise business in the Middle East with 23 stores, and the chain is looking to expand that program globally.

“As a long-term partner to Joe & the Juice, General Atlantic is proud to become a majority investor in the brand and continue our collaboration with the management team. Joe & the Juice’s business momentum is inflecting, and we are excited to build on the Company’s digital traction and accelerate company-owned and franchised unit growth,” Andrew Crawford, General Atlantic’s managing director and global head of consumer, said in a statement.

Joe & the Juice was founded 20 years ago by Kaspar Basse in Copenhagen, Denmark. The brand sells juices, shakes, sandwiches, and coffee in an urban and modern environment.

Other General Atlantic investments include Torchy’s Tacos and Absolute Barbecue, a casual-dining chain based in India and the Middle East.

“Our increased investment in Joe & the Juice is a testament to the global receptivity of the brand. Joe & the Juice reflects broader secular trends of convenience and healthy living, while also possessing a brand which resonates with customers in multiple markets. We see further runway to double down on our commitment and unlock the business’s full potential,” Melis Kahya Akar, General Atlantic’s managing director and head of consumer for EMEA said in a statement.

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Joe & The Juice aspires to be the Starbucks of juice without losing the ride-or-die culture that sets it apart

In this article:.

Being a juicer isn’t just a job—it’s a lifestyle. That’s the Joe & The Juice motto.

Valarie Simmonds, 27, bought into that lifestyle after graduating culinary school and working as an assistant pastry chef in Miami and New York. The culinary world was stressful and unrelenting; Simmonds says she felt lost and unsure about what she wanted to do with her life when Joe came along.

She was drawn in after watching videos of Joe & The Juice founder, Kaspar Basse, talking about Joe’s purpose and his hope that people who didn’t know what they wanted to do in life would find meaning.

Being a juicer at Joe & The Juice, the upstart fast-casual juice bar and coffee shop with aspirations of competing with Starbucks, helped coax Simmonds out of her shell. She barely spoke when she started working behind the bar, she says, but her managers hyped her up and pushed her to be more outgoing. She says they helped her to learn from mistakes, express herself, and to compete.

That’s the culture of Joe & The Juice, which serves up coffee, juice, and sandwiches—including the TikTok famous Tunacado (iykyk)—with a dose of late-2010s exuberance. And Basse, who founded the company in Denmark in 2002, has more or less gotten out of the way and let it spring from the ground up.

Basse doesn’t force manuals and uniforms on employees, instead encouraging individuality. With over 300 locations worldwide, each store is meant to take on the character of the managers and staff who work there. But as the chain continues to grow—Basse has a goal to expand by 60 to 70 stores in the U.S. alone in 2023—is it possible to maintain that culture?

It was this spirited, inclusive culture that made Simmonds fall in love with Joe & The Juice. There were game nights and events; they’d get together to play soccer and for running clubs, which helped her form relationships with coworkers. It was about more than the job—she and her coworkers loved Joe because it brought them together, she says.

That’s not to say Joe & the Juice’s culture is an accident. In a world where companies and organizations are consistently falling over themselves to instill some semblance of company culture , Basse did perhaps the most difficult thing and let the Joe & The Juice vibe come organically through the people pouring the drinks.

The culture is the juice

Basse wasn’t all that concerned with culture when he set out to create a fresh-squeezed juice empire some 20-plus years ago. That changed quickly, however, and now the Joe & The Juice culture is all people seem to be able to talk about.

“I would love to tell you that 20 years ago I figured out that [culture] is the one component that most companies can’t figure out, therefore I wanted to compete on that,” Basse tells Fortune during a recent interview via Zoom.  “But it actually was something that just came along… And luckily for me, quite early in our process.”

Two years into running Joe & The Juice, Basse needed someone to fill in while he attended his mother’s birthday party. He couldn’t afford to hire any other employees, but one of his first loyal customers, Philip Finsteen, offered to pitch in.

As Joe & The Juice legend has it, Finsteen tripled the store’s sales in a single day through sheer charisma. From then on, Basse turned his company’s focus to pushing people over products.

Just as important to Joe’s culture as individuality, is the competitive nature—also arguably good for the bottom line. Juicers compete behind the bar. They have friendly competition with workers making sandwiches. Hell, they even hold company-wide competitions called “Showoffs,” where juicers twirl blender containers on their heads, pour juice into cups balanced on biceps, and breathe fire, all to a soundtrack of 808-bumping mixes that would give 2012’s Project X a run for its money—if the film centered around freshly squeezed organic juice instead of booze and girls.

Basse is a former karate champion—and he resembles, tattoos and all, the bad guy honcho in a Karate Kid sequel. So it’s fitting that competitiveness sits at the core of the chain’s culture.

Simmonds, and fellow New York regional manager Mohammad Haq, consider themselves beneficiaries of the culture Joe & The Juice has engendered. Their roles are to hype up their juicers, making sure the vibe is right for business to thrive. They talk about Joe & The Juice with a reverence and gratitude, as something that's changed their life—a company culture seemingly too good to be true in a cynically corporate world.

Haq, 24, starts every day checking in on the bar managers at his stores in the Financial District, making sure everything is in order, and the music is on point. I stopped by one of Haq’s stores near the Fortune office just after the lunch rush. A remix of “Love Language” by Australian band Crooked Colours seeped out of the speakers. I’d never heard the song before, but some employees bopped around to the music while cleaning and chatting with one another. The vibe seemed right.

“When everything is working the way it should be in the [juice] bars, you can have fun, you can be curious about what's happening,” Haq says. “You can have that expectation that when you walk into the bar, and everything is the way it should be, that there is going to be that Joe vibe.”

Putting culture on a cup

Virtually all companies with lofty goals of growth and a competitive, cult-like spirit have had to grow up at some point. Will Joe? Will the guerilla juicery ever have to settle into homogeneity? Can it keep that Joe DNA while on Basse’s odyssey to build Joe & The Juice into Starbucks without becoming Starbucks?

The journey hasn’t been without its challenges. Two years into its U.S. foray, Joe & The Juice was forced to contend with major questions about its culture . A sex discrimination suit was brought by the Equal Employment Opportunity Commission in 2017, asserting the company failed to hire and promote women at its American locations.

Company representatives said in a statement that Joe & The Juice has “always actively promoted gender equality. However, in recent years they have strived to meet the highest standards of inclusion in both their U.S. organization as well as globally.”

The proportion of women in their U.S. business is currently 57%, which the company says exceeds its 53% global average. Among management, 55% of Joe’s senior managers are women and 43% are managers. “The brand looks forward to continuing to evolve and learn from the past,” reads the statement.

Joe & The Juice paid $715,000 in February 2023 to settle that lawsuit. As part of the agreement, the company is under a four-year improvement plan to ensure equal access to promotions.

In hopes of ensuring Joe & The Juice holds on to some semblance of the free flowing, fire breathing individuality and culture that’s endeared it to its workforce and its viral charged fanbase , the company created its own version of a SWAT team, a mobile management team that travels to new locations and encourages juicers to latch onto that signature Joe DNA.

Basse admits this had been a struggle as Joe expanded to its 64 U.S. locations. Representatives for the company say it’s managed to improve profitability since jumping the pond, pulling in some $70 million in revenue per year in the U.S.

It’s abundantly clear Basse is wrestling with competitive ambitions and his passion for the culture: He wants to grow, but doesn’t want to risk spreading his people—the culture—too thin.

“Everybody wants to be challenged. Everybody wants to be able to progress. Everybody wants to develop their social network. And, eventually, everybody wants to work for a company that does good in this world,” Basse says. “I am of the belief that these things are the same no matter where you approach the world. I think our model can be applied in Scandinavia, in the U.S., in India, in the Middle East—but that might just call for a little bit of patience.”

This story was originally featured on Fortune.com

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Joe & The Juice: Improving customer experience through payment technology

Discover how Joe & The Juice has used payments technology to connect its physical and digital worlds to deliver an even better service.

The 2020 pandemic has accelerated consumers’ adoption of digital channels. Technically-timid grandparents embraced video conferencing. We now browse groceries from our sofas. And, when we want a cup of coffee, we’re just as likely to reach for our phones as head to a café.

Joe & The Juice was well placed to respond to this dramatic shift. It launched its pre-order app back in 2019. So, when the pandemic forced doors to close, it was able to pivot quickly and serve customers via this established digital channel. To learn more, we sat down with VP of Strategy & Business Development, Thomas Evald. We explored how the company’s digital-readiness kept the coffee flowing from a safe distance. And we learned how payments technology is used to deliver better customer experiences now, and into the future.

Serving coffee in a pandemic

To quote Warren Buffet: “Only when the tide goes out do you discover who's been swimming naked.” And this was certainly true when the pandemic hit in March 2020. For many businesses, digital transformation was an item halfway down a busy to-do list. They were poorly placed to respond quickly and had to work fast to set up digital distribution channels. Joe & The Juice, on the other hand, was ready. It quickly mobilised its pre-pay app, which rapidly became its primary sales channel.

"Since we already had an established app, we were able to move quickly."

“Initially in the UK, you couldn’t even allow contactless card payments in stores,” explained Thomas. “The only way someone could make a purchase was via the app. They’d place an order which would be prepared, labelled, and left on a table outside the door. Since we already had an established app, we were able to move quickly. Consequently, we were one of the only UK chains to remain open in March 2020.”

Setting a precedent for greater flexibility

For many customers, the increased flexibility offered during the pandemic was a welcome development. According to our recent research report , 73% of global consumers feel that brands should continue to sell across multiple channels once the crisis is over. In adapting to serve customers remotely, brands have inadvertently set a new standard of service. And consumers expect this to be maintained, as Thomas explained:

“Safety concerns have accelerated the adoption of digital channels. But, once customers see how convenient they are, they stick with them."

“Safety concerns have accelerated the adoption of digital channels. But, once customers see how convenient they are, they stick with them. For example, with the Joe & The Juice app, you only have to enter your card details once making future orders really easy.”

This greater flexibility gives the customer the power to choose how, when, and where they buy. This is a big focus for Joe & The Juice. The brand wants to keep the customer in the driving seat of their experience. Payments technology is helping them do so by letting them connect their online and in-store channels in one system. By centralising their payments, they can provide a consistent experience across both channels.

“We’re unifying the ecommerce and physical store experiences,” explained Thomas. “You can pre-order from your home or you can order in store. You can pay via the terminal or in-app. It doesn't matter. We’ve created this flexibility by connecting our payment data in the back-end. It lets us connect the best of both worlds to deliver an even better service. It also lets us see the whole picture in one place and evaluate our performance. That’s amazing for us.”

Keeping online payments safe

As the world moves online, transaction safety becomes a bigger issue. It requires a careful balance between constant transaction monitoring and using risk settings to block suspicious transactions. And it becomes even more complicated when different regions have different levels of risk. For Joe & The Juice, the solution lies in a centralised overview.

“Enhanced transaction safety is a lot easier with a fully integrated payments system.”

“Enhanced transaction safety is a lot easier with a fully integrated payments system,” said Thomas. “Having a single global interface is very unique. Usually, even if you’re using one provider, they’ll have different interfaces in different markets. Using just one interface helped us roll-out a global safety system, which helps us quickly identify and block any suspicious activity. Having it all in one dashboard makes management easier and more efficient."

Staying nimble in uncertain times

The pandemic has caused a huge upheaval in people’s living, working, and buying habits. You’re less likely to walk past the same café every day on your way to work, but you’re more likely to want lunch delivered to your door. Joe & The Juice is keeping an eye on these emerging trends and exploring new ways to serve customers through initiatives like delivery and subscriptions.

"You have to be more digital and more data-driven.”

Now, more than ever, agility is critical. Technology helps businesses like Joe & The Juice streamline their operations so they can act quickly as circumstances demand. As we move forwards into a new and increasingly uncertain world, Joe & The Juice will continue to succeed by adapting to the needs of its customers. As Thomas concluded: “A convenience brand fits seamlessly into the lives of its customers, however they like to consume. To achieve this nowadays, you have to be more digital and more data-driven.”

Learn more in our latest research report

To help hospitality businesses make sense of the new landscape that’s emerging from the ashes of 2020, we created a report which combines economic analysis with consumer research and insights from brands including Joe & The Juice and Domino's Pizza. Click below to learn more.

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Joe & The Juice enters Middle East market ahead of IPO, CEO says

The Copenhagen-based chain will open its first stores in Qatar and Dubai next quarter before setting up shop in Saudi Arabia, Kuwait, Bahrain and Oman by the end of the year

Joe & The Juice, the juice bar chain whose owners include Egypt’s richest man and the H&M billionaire family, will expand in the Middle East as part of growth plans to prepare for a possible stock-exchange listing.

It wants to popularise juice globally the way Starbucks Corp. spread the takeaway coffee culture around the world and reckons going public could help achieve that goal, Chief executive officer Thomas Noroxe, a former investment banker at UBS Group, said in an interview. An IPO will be possible in three to five years, if cash flow turns positive, he said.

“We’re a category killer,” the 47-year-old, who became CEO in June, said by phone. “We believe we have a justification to be on the stock exchange. We’re a consumer brand and listing would make us more visible.”

The Copenhagen-based chain will open its first stores in Qatar and Dubai next quarter before setting up shop in Saudi Arabia, Kuwait, Bahrain and Oman by the end of the year. In total it will add 200 to 300 juice bars in the region over 10 years, with the help of a franchise model to accelerate expansion and help reach a goal to grow 20 per cent annually, the CEO said.

The company has about 300 of its own stores, opened over the past two decades, but may well use franchises to enter other new countries, such as China and Mexico.

“It means we can focus on our core markets in the US and Europe and not be alone in new markets, using the advantage of local partners to avoid mistakes,” Noroxe said.

Sales recover The company’s revenue plunged almost 30 per cent in 2020 as lockdowns forced customers to stay at home. Sales recovered last year, also helped by digital orders and deliveries, which haven’t declined after lockdowns ended. The 2021 earnings report hasn’t yet been published, but the CEO said revenue rose to about $170m, similar to what it was in 2019, and the company was profitable on an Ebitda level.

Joe & The Juice would probably favour a listing in its homeland of Denmark, but may consider the US where peers like Starbucks, Chipotle Mexican Grill and Shake Shack are traded. A listing is ultimately decided by the owners, Noroxe said.

These include private equity firms Valedo Partners and General Atlantic. DIG Investment, owned by family members of H&M AB billionaire Stefan Persson, and NNS Holding, the investment vehicle of Egypt’s Nassef Sawiris, joined last year in connection with a capital injection.

“I can easily see Joe & The Juice as a listed company as we deliver growth rates beating the industry average,” the CEO said.

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