The Belmar, N.J.-based acai bowl chain Playa Bowls has been acquired by the retail-focused private equity firm, Sycamore Partners, for an undisclosed sum from Tamarix Equity Partners and other investors.
Playa Bowls was founded on the Jersey Shore in 2014 and has grown to 250 locations over the last decade, with a menu focusing on smoothie bowls, juices, cold brew, and smoothies. It was one of Technomic's top 10 fastest-growing chains in 2023.
"We are excited to be partnering with Sycamore as we take this next step in the Playa Bowls journey," Dan Harmon, CEO of Playa Bowls, said in a statement. "After a decade of hard work building a strong foundation, we believe Sycamore's support and resources, as well as their expertise in managing multi-unit-franchise organizations, will help us accelerate our growth as we continue to support our franchisees and delight our guests."
Sycamore Partners is a New York-based private equity firm specializing in consumer and retail-related businesses. With over $10 billion in committed capital since forming in 2011, Sycamore Partners’ other investments include notable retail brands like Express, Hot Topic, Staples, The Limited, and Ann Taylor Loft.
"Consistent with our strategy of investing first institutional capital into founder-owned businesses, Tamarix is proud to have helped build Playa Bowls into a leading national franchise platform,” Mark Hauser, managing partner of Tamarix Equity Partners, said in a statement. “During our ownership, Playa added more than 150 franchised locations and professionalized the platform to streamline future growth. We are thrilled with the outcome of this transaction and look forward to watching Playa Bowls' continued expansion.”
North Point served as the financial advisor to Playa Bowls for this transaction, with Skadden, Arps, Slate, Meagher & Flom LLP and Ice Miller LLP acting as legal counsel to the company.
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