A Fort Lauderdale company led by Steven Berrard, who rode shotgun with H. Wayne Huizenga in building AutoNation and Blockbuster Entertainment into Fortune 500 companies, plans to acquire rapidly expanding smoothie chain Jamba Juice of San Francisco.
Shareholders of the privately held Jamba Juice will receive $265 million, less some debt and transaction costs.
Jamba Juice operates 323 company-owned locations and has 209 franchised stores, employing a combined 7,000 people. The 532 stores generated $345 million in sales last year, which the company said have been increasing at a 20 percent annual clip over its last three fiscal years. Jamba Juice has 10 stores in Miami-Dade and Broward counties combined.
Berrard’s Fort Lauderdale-based Services Acquisition Corp. International will use $127 million raised last year in an initial public offering to finance the acquisition. Services Acquisition also plans to use $198 million from an anticipated private placement with institutional investors to pay for Jamba Juice and expand operations.
Berrard couldn’t immediately be reached for comment Monday. A Jamba Juice spokeswoman said the company had no comment. Jamba Juice intends to keep its headquarters in the San Francisco Bay area.