Belmar-based Playa Bowls, a rapidly expanding franchise restaurant concept, has been acquired by private-equity firm Sycamore Partners.
Since launching in 2014, Playa Bowls has expanded its store presence across 22 states in the U.S, with over 250 locations offering açai, pitaya, mango, green and coconut bowls alongside juices, smoothies and cold brew options.
“Playa Bowls has built a unique category leadership position with passionate customers, a loyal franchise base and a great brand, which has allowed the company to scale rapidly in its first decade since inception,” Stefan Kaluzny, managing director of Sycamore Partners, said. “We are confident Playa Bowls has continued runway for growth and we look forward to partnering with (CEO) Dan (Harmon) and his talented team to implement their strategy to reach more customers around the country.”
“We are excited to be partnering with Sycamore as we take this next step in the Playa Bowls journey,” Harmon said. “After a decade of hard work building a strong foundation, we believe Sycamore’s support and resources, as well as their expertise in managing multiunit franchise organizations, will help us accelerate our growth as we continue to support our franchisees and delight our guests.”
North Point served as the exclusive financial adviser to Playa Bowls in connection with the transaction, with Skadden, Arps, Slate, Meagher & Flom LLP and Ice Miller LLP acting as legal counsel to the company. Kirkland & Ellis LLP served as legal counsel to Sycamore Partners.
