Shake Smart CEO Kevin Gelfand will continue to lead the smoothie concept following an investment from private-equity firm NewSpring. The firm’s franchise-focused division, NewSpring Franchise, has invested in Shake Smart Holdings LLC, which operates 45 locations, primarily on college campuses. Known for its healthy menu options like protein shakes, smoothies, acai bowls, wraps, and avocado toasts, Shake Smart is poised for growth with this new partnership.
CEO Kevin Gelfand expressed excitement about the collaboration, stating that the investment from NewSpring Franchise will help accelerate the brand’s expansion efforts. The founders of NewSpring Franchise, Satya Ponnuru and Patrick Sugrue, will also join Shake Smart’s board to provide their expertise and guidance.
This investment adds to NewSpring Franchise’s portfolio, which includes other restaurant concepts like Duck Donuts and Federal Donuts and Chicken. Mezzanine debt financing and equity co-investment for the Shake Smart transaction were provided by Tecum Capital and NorthCoast Mezzanine, with legal counsel from Miller & Martin PLLC for NewSpring and advisory services from Brookwood Associates and Davis Wright Tremaine LLP for Shake Smart.
With a focus on providing healthy and convenient food options for busy students and consumers, Shake Smart is well-positioned for growth in the competitive fast-casual market. The partnership with NewSpring Franchise opens up new opportunities for the brand to expand its reach and open more units in the future.
For more industry updates and exclusive content, consider becoming a Restaurant Business member to access unlimited articles and features. Stay tuned for further developments as Shake Smart embarks on this next phase of growth under the leadership of CEO Kevin Gelfand and the support of NewSpring Franchise.
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