On the prowl for a profitable service business to buy, Steven Berrard’s Fort Lauderdale company came upon smoothie chain Jamba Juice at an unlikely place: a Las Vegas convention for a company that cleans restrooms across the country.
Berrard and Fort Lauderdale billionaire H. Wayne Huizenga own a controlling interest in cleaning firm Swisher Hygiene. A Jamba Juice franchisee exploring the possibility of buying a Swisher franchise mentioned the firm to Berrard.
Today, 10 months later, Berrard’s Services Acquisition Corp. International expects to complete a $265 million deal for the San Francisco company. Services Acquisition will now be known as Jamba Inc.
Berrard, who becomes Jamba’s chairman, is best known for helping Huizenga build AutoNation and Blockbuster Entertainment into Fortune 500 companies.
”I like the great brand, the excellent management and the opportunity to grow the business,” Berrard said of Jamba Juice. “It has just a great consumer following.”
Jamba, founded in 1990, sells fruit smoothies, squeezed-to-order juices and blended beverages. It operates 585 company-owned and franchised stores in 23 states, including nine in Miami-Dade and Broward counties.
The company has financed its growth primarily through cash from operations. Following the purchase, Jamba will have about $85 million to expand and promote the chain.
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