Savory Fund: Comprehensive Company Profile

Background

Overview

Savory Fund is an innovative private equity firm specializing in the food and beverage industry, focusing on investing in and scaling emerging restaurant concepts. Founded in 2018 by Andrew and Shauna Smith, the firm is headquartered in Lehi, Utah. With over $700 million in assets under management, Savory Fund has developed a reputation for its hands-on approach to fostering growth and operational excellence in its portfolio companies.

Mission and Vision

Savory Fund's mission is to partner with high-potential, profitable, emerging restaurant brands to provide financial capital, industry expertise, and strategic support, enabling them to achieve rapid and sustainable growth. The firm's vision is to be a catalyst for innovation and success in the restaurant industry, nurturing brands that offer unique dining experiences and strong market potential.

Primary Area of Focus

The firm's primary focus is on the food and beverage sector, particularly on restaurant concepts that demonstrate strong unit economics, a compelling brand story, and scalability. Savory Fund seeks to invest in brands that are ready for expansion and can benefit from its operational expertise and growth strategies.

Industry Significance

Savory Fund has significantly impacted the restaurant industry by identifying and nurturing emerging brands, contributing to job creation, economic development, and the diversification of dining options across various markets. Its strategic investments have led to the rapid expansion of several restaurant concepts, enhancing the culinary landscape and providing consumers with innovative dining experiences.

Key Strategic Focus

Core Objectives

• Investment in High-Potential Brands: Identify and invest in emerging restaurant concepts with strong growth potential.

• Operational Support: Provide hands-on assistance in operations, marketing, real estate development, and staffing to optimize performance.

• Scalability and Expansion: Develop and implement strategies to scale brands effectively, ensuring sustainable growth.

Specific Areas of Specialization

• Franchise Development: Assist brands in establishing and expanding franchise operations to reach new markets.

• Brand Development and Marketing: Enhance brand identity and execute marketing strategies to increase brand awareness and customer loyalty.

• Real Estate Development and Construction: Oversee site selection, development, and construction to ensure optimal location performance.

• Recruiting and Staffing: Build strong teams by recruiting and training staff to maintain high operational standards.

Key Technologies Utilized

Savory Fund leverages advanced data analytics and industry-specific software to inform decision-making processes, optimize operations, and track performance metrics across its portfolio companies.

Primary Markets Targeted

The firm primarily targets markets across the United States, focusing on regions with growing populations and a strong appetite for diverse dining experiences. Savory Fund has expanded its portfolio brands into states such as Florida, Texas, Southern California, Arizona, Idaho, and various Midwestern regions.

Financials and Funding

Funding History

• Fund I: Closed in 2020 with $100 million in assets under management.

• Fund II: Closed in 2021 with an additional $100 million.

• Fund III: Launched in January 2024 with $200 million, bringing the total assets under management to over $700 million.

Notable Investors

While specific investor details are not publicly disclosed, Savory Fund's substantial assets under management indicate strong backing from institutional investors and high-net-worth individuals interested in the food and beverage sector.

Utilization of Capital

The capital raised is utilized to acquire equity stakes in emerging restaurant brands, provide operational support, fund expansion initiatives, and enhance brand development efforts. This strategic allocation aims to accelerate growth and maximize returns for investors.

Pipeline Development

Key Pipeline Candidates

Savory Fund has invested in several restaurant brands, including:

• Swig: A beverage-focused brand known for its "Dirty Soda" concept, with over 90 locations across seven states.

• Mo' Bettahs: An authentic Hawaiian-style barbecue restaurant with over 50 locations spanning seven states.

• Houston TX Hot Chicken: A fast-casual restaurant offering Nashville hot chicken sandwiches, with 23 locations across seven states.

• Hawkers Asian Street Food: A concept serving bold and authentic Asian street food, with 15 locations across Florida, Georgia, North Carolina, Tennessee, Maryland, Virginia, and Texas.

Stages of Development

The portfolio brands are at various stages of development, from early expansion to established operations with multiple locations. Savory Fund's involvement typically includes providing capital, strategic guidance, and operational support to facilitate growth and scalability.

Target Conditions

Savory Fund focuses on brands that offer unique dining experiences, have strong unit economics, and demonstrate the potential for rapid expansion. The firm seeks to invest in concepts that can benefit from its expertise in scaling operations and enhancing profitability.

Anticipated Milestones

Savory Fund aims to achieve significant growth milestones for its portfolio brands, including:

• Swig: Doubling both store and state count in 2024 through multi-unit franchising.

• Mo' Bettahs: Expanding to more communities through continued growth in the coming months.

• Houston TX Hot Chicken: Establishing a powerful national presence in the coming years.

Technological Platform and Innovation

Proprietary Technologies

Savory Fund employs proprietary methodologies and industry-specific software to streamline operations, enhance customer engagement, and optimize financial performance across its portfolio brands.

Significant Scientific Methods

The firm utilizes data-driven approaches, including advanced analytics and performance tracking, to inform strategic decisions and measure the success of growth initiatives.

Leadership Team

Andrew K. Smith – Managing Director & Co-founder

Andrew has over 25 years of experience as an entrepreneur, co-founding three technology companies between 1998 and 2008, all of which were successfully acquired. Since 2009, he has been instrumental in developing, acquiring, and operating over 360 restaurants across 12 states, generating over $2.2 billion in sales and creating more than 40,000 jobs. Andrew was recognized with the EY Entrepreneur of the Year® award in 2017 and featured as Utah’s BusinessQ Entrepreneur of the Year in 2018.

Shauna K. Smith – CEO & Co-founder

Shauna has more than 15 years of experience in the food and beverage industry, focusing on operational efficiency and revenue growth. She has been integral in developing, acquiring, and operating over 400 restaurants across a dozen states, generating over $2.5 billion in sales and employing over 40,000 individuals. Shauna has received several industry awards, including being named one of Comparably’s Best CEOs for Women in 2022.

Alonso Castaneda – Chief Concept Officer

Alonso specializes in scaling fast-casual and polished food and beverage concepts into 50-unit+ powerhouses. He leads strategic oversight of brand initiatives and consumer-facing systems that enhance the guest experience. Alonso serves as a board member for the fast-growing PINCHO and is an advisory board member for Branded Hospitality Venture F&B Tech fund.

Richie Stevens – VP of Finance

Richie oversees financial operations, including budgeting, forecasting, and financial analysis, ensuring the firm's investments are financially sound and aligned with strategic objectives.

Taylor DeHart – Principal

Taylor has extensive experience in evaluating emerging food and beverage brands and advising on buy and sell-side transactions in the restaurant industry. He holds an MBA in Private Equity and Venture Finance from Northwestern’s Kellogg School of Management and a BS in Finance from BYU’s Marriott School of Management.

Courtney Morris – Director of Construction

Courtney leads new restaurant growth by evaluating, selecting, acquiring, and developing new restaurant real estate, ensuring optimal location performance.

JP Dalton – Director of Operational Services

JP oversees operational services, focusing on enhancing efficiency and effectiveness across the firm's portfolio brands.

Josh Merrell – Creative Director

Josh is responsible for brand development and marketing strategies, ensuring cohesive and impactful brand identities across the portfolio.

Gwen Hutchings – Director of Marketing

Gwen leads marketing initiatives, focusing on customer engagement, brand awareness, and driving revenue growth through strategic marketing campaigns.

Leadership Changes

As of July 2025, there have been no publicly disclosed significant changes or appointments within Savory Fund's leadership.