Playa Bowls is on track to open 75 stores this year. The acai bowl franchise has more than 250 units open nationwide.
Private equity firm Sycamore Partners bought Playa Bowls, an acai bowl franchise with 250-plus units. The firm typically specializes in retail brands—its portfolio includes mall staples such as Hot Topic, Ann Taylor Loft and Express—but Playa Bowls CEO Dan Harmon said its customer-focused approach makes for a great fit.
“What we’re excited about with Sycamore Partners is our next step in our growth journey,” Harmon said. “They have a ton of support, a ton of knowledge. … I think, more importantly, they have an expertise in multi-unit franchising, which is really good for us based on where we are in our life cycle.”
The New York City-based firm bought early childcare and education franchise The Goddard School in 2022.
Sycamore acquired Playa Bowls from Tamarix Equity Partners and Pacific General, which owned the brand since July 2021. Under Tamarix, Playa Bowls opened about 150 locations in just over three years, more than doubling its footprint.
“Pacific General is proud to help achieve such growth during our investment period, and I am looking forward to watching Playa Bowls further accelerate its growth both domestically and internationally under Sycamore’s leadership,” Matthew Yoon, managing partner of Pacific General, said in a press release.
Rob Giuliani and Abby Taylor founded the company in 2014 in New Jersey. Starting with just a sidewalk stand, the brand is set to have 270 units nationwide by the end of this year, Harmon said. Playa Bowls serves acai bowls and smoothies, with current autumn options such as the apple turn up bowl, with apple butter and chopped peanuts, or the pumpkin pie smoothie, with pumpkin butter and vanilla protein.
For Playa Bowls staff and franchisees, it’s business as usual after the acquisition, Harmon said.
“We’re excited that they bring that expertise, but when it comes to operating the business, they’re investors and we’re the operators,” he said.
Customers won’t see any significant changes either. In a time when restaurants are struggling with cost increases across the board and debating raising prices, Playa Bowls isn’t changing its prices or quality, Harmon said.
Related: Playa Bowls CMO Talks Time Suck of TikTok and Her Love of Accents
The investment required to open a Playa Bowls franchise ranges from $188,675 to $636,458. Average gross volume in 2023 was $1.38 million, with an overall range of $602,244 to $3 million. The average is based on 104 traditional stores open the entirety of 2023.
Playa Bowls opened 53 units in 2023, ending the year with 216, most of which are in the northeastern United States.
The CEO started his position with the brand about 18 months ago and has a laundry list of accomplishments to show for his tenure.
Dan Harmon
This year, the brand’s goal was to sign 145 franchise agreements, and it’s surpassed that amount already with 190 contracts signed. Playa Bowls sought to open 75 stores this year, and so far has 52 openings on the books. Harmon said the brand is on track to hit the 75-unit mark by the end of 2023.
Playa Bowls worked with its suppliers to lower costs. “Building on that profitability, we’ve been able to really focus on improving labor,” Harmon said. The franchise implemented a labor matrix that aids in staffing shops more efficiently, so stores are properly staffed for typical rush times.
Its loyalty program added more than 500,000 members this year, and Harmon said Playa Bowls is still improving its technology across the board, starting with a new point-of-sale platform being tested later this year.
Under Sycamore, Harmon said he’s looking to new markets for Playa Bowls, like Chicago, Salt Lake City and Dallas.
“We’ve only been with them, officially, a couple of weeks, but from the work that we’ve been able to do over the last 30 to 45 days, they are going to be a great partner,” Harmon said. “I’m excited about that.”
