Joe & The Juice

Investment: 2013
Status: Exited
Sector: Juice and coffee bars


Transforming a unique Scandinavian food & beverage concept into a global consumer brand

Under Valedo’s 10-year ownership, Joe & The Juice evolved from a Scandinavian company with revenues of DKK ~150 million into a global company with DKK 2,3 billion in revenues and during the period, Joe & The Juice expanded to 11 new markets and the number of units grew from 50 to 350. At time of Valedo’s divestment, the company had operations in 16 markets across three continents. Alongside substantial unit growth, average unit volumes increased significantly driven by growing brand awareness, the menu was continuously developed, digital sales channels were launched (the Joe app and a number of third-party delivery services) and the Company saw enhanced employee satisfaction. Combined, this led to Joe & The Juice having market leading unit economics and strong profitability across all markets at time of Valedo’s divestment.


Founded by karate champion Kaspar Basse in 2002 in Copenhagen, Denmark, Joe & The Juice had approximately 50 units in 2013, of which the majority in Denmark. Valedo had followed the convenience food segment for several years and was attracted by Joe & The Juice’s unique concept which includes fresh and innovative made-to-order juices and sandwiches served in a distinctive and contemporary setting, and the unique and strong corporate culture with a very ambitious leadership. Further, Joe & The Juice had successfully established itself in several markets outside of Denmark which indicated the global appeal of the concept and brand. Alongside a unique and proven concept and the ambitious vision of the leadership team, Valedo was also attracted by the structural trends driving increased consumer demand for convenient on-the-go food options as well as a shift towards healthier eating habits. At the time of Valedo’s investment, there was no similar concept to Joe & The Juice operating at scale, which consequently presented a highly attractive opportunity to establish the company as a global category leader.

What has been accomplished

During Valedo’s 10-year ownership, numerous strategic and operational achievements were accomplished. Most notably, Joe & The Juice developed from a regional food & beverage concept into a global consumer brand through expansion into the US and several markets in continental Europe and the Middle East, as well as continued expansion in the UK. Over the period, the number of employees increased from a few hundred to several thousands, with strong customer and employee satisfaction maintained. The company’s Average Unit Volume (AUV) saw an significant uplift, nearly doubling over the last five years of Valedo’s ownership period, driven by continuous improvements of the customer in-store experience as well as the development of a highly successful digital sales channel (the Joe app and several delivery platforms) supported by a proprietary technology platform, resulting in a share of revenue from digital channels of more than 30% at time of Valedo’s divestment. Lastly, the company implemented a sustainability framework including targets for food waste, ingredients sourcing, reduced use of non-sustainable packaging and animal welfare.

A wide range of initiatives were undertaken to develop Joe & The Juice into a globally recognized consumer food and beverage brand:

  • Appointment of an external board of directors with experience of international consumer growth journeys
  • Strengthening and professionalisation of the organisation
    • Implementation of internal talent programs to enable clear long-term development paths for juicers
    • Selected senior positions strengthened through external hires, including CFO and Head of Legal, etc.
  • Organic growth initiatives
    • Substantial unit roll-out, including expansion into the US and a number of markets in continental Europe and the Middle East as well as continued roll-out in the UK
    • Establishment of a franchise operation, supporting franchise unit growth in selected markets such as the Middle East and South-Korea
    • Establishment of a store design ‘blueprint’ specifying key elements of a successful ‘Joe unit’
    • Continuous menu developments, including new product launches and shift towards organic ingredients
  • People, culture and organisation
    • Leveraging Joe & The Juice’s unique culture through various activities such as exchange programs, internal competitions, global meet-ups and events
    • Significant investments into support functions, including HR, IT, supply chain, training and store design, to support Joe & The Juice’s global operations
    • Establishment of UK and US regional offices alongside substantial investments in support functions across all markets
  • Technology investments
    • Development and implementation of a proprietary technology platform, including Point-of-Sales, Kitchen Display System and employee shift planning tools
    • Launch of digital sales channels, including the ‘JOE app’ as well as delivery sales through partnerships (e.g. Foodora and DoorDash)
  • Implementation of a sustainability framework
    • Reached target of <2% food waste
    • Transitioned to sustainable packaging and initiated shift towards organic ingredients
    • Implemented animal welfare requirements for meat used in sandwich products
  • A broad co-investment program was implemented and continuously administered by Valedo, creating a joint agenda for employees and shareholders. Joe & The Juice had employee shareholders across all markets where the company was operating, and at the time of divestment there were approximately 140 employee shareholders in the Company alongside Valedo

Divestment of Joe & The Juice

In the spring of 2023, an exit process was initiated through a structured auction managed by Citi, leading to General Atlantic acquiring Valedo’s, and other shareholders’ ownership in Joe & The Juice in November 2023. General Atlantic joined the company as a minority shareholder already in the fall of 2016 when Valedo made a partial divestment of its shareholding. Following Valedo’s divestment in 2023, General Atlantic became the majority shareholder of Joe & The Juice.


Valedo Partners Fund II AB and Valedo Partners III AB (together “Valedo”) have reached an agreement to divest its ownership in Joe & the Juice Holding A/S (“J&TJ”) to the existing shareholder General Atlantic. During Valedo’s ownership, J&TJ has expanded internationally across Europe, the UK, the US and Middle East and grown its store network

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Joe & the Juice welcomes General Atlantic as a strategic investor

An agreement has been reached with General Atlantic to, alongside Valedo Partners Fund II AB (“Valedo”) and the other current shareholders, become a minority investor in Joe & the Juice and assist in its global roll-out. General Atlantic is a leading global growth investor and General Atlantic’s Global Retail & Consumer team focuses on differentiated

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Joe & the Juice and Valedo in partnership for continued expansion

After several years of strong growth and expansion, Joe & the Juice A/S ("Joe & the Juice" or the "Company") has entered into a strategic partnership with Valedo Partners Fund II AB ("Valedo"). The investment is made in partnership with the founder of Joe & the Juice and a large group of key employees. With

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