NewSpring Franchise invested in Shake Smart Holdings, a healthy fast-casual concept company.
The deal’s total value was not made public.
The money will be used by the business to expand its units both inside and outside of higher education.
Shake Smart is a multi-part daytime provider of protein shakes, protein smoothies, acai bowls, wraps, nut butter and avocado toast, and more. It was founded in 2011 and is run by CEO Kevin Gelfand.
The company operates in more than 20 states across the country at more than 45 university locations housed in student unions and recreation centers.
“Our team has successfully grown the concept to over 45 locations across the U.S.. I’m thrilled to work with Satya Ponnuru and Patrick Sugrue, the founders of NewSpring Franchise, as Shake Smart looks to accelerate unit openings even more in this next phase of growth. Their operational and financial expertise will be crucial as we proceed with our growth.”
Kevin Gelfand
About NewSpring
- As a private equity firm with a focus on the lower middle market, NewSpring works with entrepreneurs, manufacturers, and operators of high-achieving businesses in exciting sectors to spur new growth and grab attractive opportunities.
- The company manages about $3.5 billion using five different strategies, ranging from mezzanine debt to growth equity and control buyouts.
- Having made investments in more than 200 businesses, NewSpring offers a plethora of resources, expertise, and know-how to help developing businesses reach their full potential.
- Using its network of influential people and leaders in a variety of operational areas and industries, NewSpring identifies opportunities and cultivates relationships with management teams to help them grow their companies into market leaders.
