09/03/2026
Another 3 HB Protein Smoothies units are officially spoken for.
Congratulations to our client Rahul on his investment in 3 HB Protein Smoothies locations — and to Kathryn Allen for guiding him through the process and helping him find the right fit.
What I find interesting about HB right now is who is buying it.
In just the past few months, HB has attracted experienced multi-unit restaurant operators, including a group operating 120+ locations across brands including Papa Murphy’s and Crumbl, plus a separate 6-unit Houston development deal. The brand now reports 200+ units in development.
That doesn’t guarantee what happens next.
But sophisticated operators tend to pay attention to the same things we do:
Is the consumer trend real?
Are the unit economics compelling?
Can the operation stay simple as you scale?
HB sits at a pretty interesting intersection.
Dessert-style smoothies with 35–50g of protein, a small 900–1,200 sq. ft. footprint, no drive-thru requirement, and a model designed around relatively simple operations.
And then there’s the Item 19.
HB reports $503,681 in 2025 sales at its corporate location and $163,656 in adjusted unit-level EBITDA (32.49%) after accounting for the franchise royalty and marketing expenses. Those are historical corporate-store results, of course, and individual results will vary.
That’s a combination that gets my attention.
Rahul saw it too — and rather than thinking about one location, he secured three.
Congratulations, Rahul. And great work, Kathryn.
Can’t wait to see what you build.
Great people. Great choices. Great returns.
