Shake Smart grows with investment from NewSpring franchise

Shake Smart CEO Kevin Gelfand will continue to lead the company. | Photo: Shutterstock.

Private equity firm NewSpring has invested in smoothie concept ShakeSmart, the company announced Thursday.

The investment will be made through NewSpring Franchise, which specializes in franchise and multi-concept brands. The company did not say whether it had acquired a majority stake in Sheikh Smart Holdings LLC.

The concept has 45 units, primarily located on college campuses, and is known for its healthy menu of protein shakes, smoothies, acai bowls, wraps, and avocado toast. CEO Kevin Gelfand, who co-founded the chain in 2011, will continue to lead the chain, while NewSpring franchise founders Satya Ponnuru and Patrick Sugrue will join Shake Smart’s board of directors. Join the meeting.

“Shake Smart was founded to provide healthy, delicious, and nutritious food and beverages to students and consumers seeking an on-the-go lifestyle,” Gelfand said in a statement. “Shake Smart is excited to partner with Sathya Ponnuru and Patrick Sugrue, founders of the NewSpring franchise, as we look to further accelerate unit openings in our next phase of growth. Their investment and operational experience will be essential.”

This is not the first restaurant investment for the NewSpring franchise. The fund has invested in Duck Donuts and Federal Donuts & Chicken, as well as non-restaurant chains such as Bro Blow Dry Bar and Central Bark.

Tecum Capital and NorthCoast Mezzanine provided mezzanine debt financing and equity co-investment for the transaction. Miller & Martin PLLC served as legal counsel to NewSpring, and Shake Smart was advised by Brookwood Associates and Davis Wright Tremaine LLP.

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