General Atlantic has reached a deal to acquire control of Joe & the Juice, the high street chain that sells smoothies and sandwiches to young professionals and hipsters.

The US private equity group, already a minority shareholder, agreed to buy the stake held by Swedish firm Valedp Partners, which is exiting its investment, General Atlantic said in a statement Monday. Financial details weren’t disclosed.

Joe & the Juice is set to be valued in the transaction at about €600 million ($641 million), including debt, according to people familiar with the matter. General Atlantic’s stake will increase from 30% to 80% to 90%, said the people, who asked not to be identified discussing confidential information.

“There’s a real scarcity value associated with the business as it’s a global, multi-unit concept that’s been proven in Scandinavia, the UK and the US at scale,” Andrew Crawford, global head of consumer at General Atlantic, said in an interview.

General Atlantic wants to double down on Joe & the Juice’s digital operations, which now represent about 30% of global sales but have the potential to increase to least 50%, Crawford said.

Founded by Kaspar Basse, a former advertising agency worker inspired to launch his own cafe and juice bar by popular chains like Starbucks, Joe & the Juice opened its first store in 2002 in Copenhagen. Valedo invested in the business in 2013 before General Atlantic came on board three years later.

Joe & the Juice sells freshly prepared organic juices, shakes, sandwiches and coffee at about 360 stores globally. General Atlantic has plans to help expand the company’s international presence, according to Monday’s statement.

The firm is targeting long-term double-digit store grown in the coming years, Melis Kahya Akar, General Atlantic’s head of consumer for Europe, the Middle East and Africa, said in an interview.

Valedo and General Atlantic in 2018 considered taking Joe & the Juice public via an initial public offering, Bloomberg News reported at the time. They targeted a listing toward the end of 2019, shortly before the onset of the Covid-19 pandemic and ensuing lockdowns forced many high street stores across Europe and the US to close.

General Atlantic’s investment will give Joe & the Juice the ability to retire debt and fuel growth, Thomas Noroxe, the chain’s chief executive officer, said in the interview.

“We see brand awareness increasing at rapid pace, with more recurring guests coming to stores at a higher frequency, tremendous potential in new markets, and power behind digital,” Noroxe said.

--With assistance from Dinesh Nair.