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Shake Smart, a fast-casual concept serving blended drinks, acai bowls, wraps and sandwiches, has received investment from private equity firm NewSpring Franchise. Terms of the transaction were not disclosed.
According to the release, Shake Smart plans to use the investment to rapidly expand units on college campuses, and currently operates more than 45 units in 20 states. As consumer demand for healthy and convenient food options increases, it will expand beyond the higher education sector.
“Shake Smart provides healthy, delicious, and nutritious food and beverages to students and consumers with increasingly on-the-go lifestyles,” CEO and co-founder Kevin Gelfand said in a statement. It was established for.” “Our team has successfully expanded this concept to more than 45 locations across the United States, as Shake Smart looks to further accelerate unit openings in its next phase of growth. We are excited to partner with the founders of the NewSpring franchise, Satya Ponnuru and Patrick Sugrue. Their investment and operational experience will be essential as we continue to expand.”
Shake Smart’s existing management team will remain, including Gelfand, who founded the concept in 2011. As part of the transaction, NewSpring’s Satya Ponnuru and Patrick Sugrue will join Shake Smart’s board of directors.
“Shake Smart is a leader in the growing healthy fast-casual category, establishing its brand and customer value proposition with differentiated product offerings. This is exactly the type of company we are applying to build,” Ponnuru said in a statement. “By combining our deep network, access to talent, and experience in the franchise restaurant industry, we want to infuse ShakeSmart with the right balance of operational expertise and infrastructure to enable continued rapid growth across the United States. That’s what I think.”
NewSpring targets investments in lower middle market, multi-unit, and high-performing franchise brands across several sectors.. Recent investments include Blow Dry Bar, Duck Donuts, Central Bark, Federal Donuts and Chicken, and Green Home Solutions. Tecum Capital and NorthCoast Mezzanine provided mezzanine debt financing and equity co-investment for the transaction. Miller & Margin PLLC served as legal counsel to NewSpring, and Shake Smart’s management was advised by Brookwood Associates and Davis Wright Tremaine LLP.
Contact Alicia Kelso. [email protected]
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