Savory Fund raises $201.5 million
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From left, Andrew Smith, Shauna Smith, and Clay DoverSavory Fund
Private equity firm Savory Fund has raised $201.5 million for its Savory Fund III, exceeding its $200 million goal, the Salt Lake City-based firm said Tuesday. Investors included a mix of returning and new limited partners and 35% of the funds have already been deployed across four brands: D.C.-based smoothie brand South Block; Bonrue Bakery, a European-style patisserie based in St. George, Utah; Orlando, Florida-based Hawkers Asian Street Food; and Zao Asian Grill based in Salt Lake City.
Savory, which also owns a majority interest in Via 313 Pizzeria, Houston TX Hot Chicken, and half a dozen other brands, typically takes a controlling stake in brands while leaving the founders in charge.
“Raising a fund is a vote of confidence, and our investors voted loudly,” Savory Fund Co-Founder and Managing Director Andrew K. Smith said in a statement.
“The majority of our third fund’s LPs invested with us in Fund I or II. They’ve been here as we’ve helped scale 13 restaurant brands across the country, from Detroit-style pizza to Nashville-style hot chicken to dirty soda, and I don’t take it for granted that they came back. Seeing major banks join them was a proud moment for us. It tells me people are starting to see restaurants the way we always have: these are real businesses that create jobs, anchor neighborhoods, and give people a place to gather. And when they’re run well, they are also strong, profitable investments. We’ve got four standout brands in Fund III already, and we’re just getting started.”
Savory said Fund III, which is led by Clay Dover, who joined Savory as CEO in January, would ultimately invest in eight or nine restaurant concepts across the quick-service, fast-casual, and casual-dining segments.
“Capital is the part of our business that’s easiest to explain, but it isn’t what sets Savory apart,” Co-Founder and Managing Director Shauna K. Smith said in a statement. “What our investors are really backing is the team behind the checks: operators who have opened restaurants, built playbooks, and know what it takes to scale without losing what made a brand special. Fund III gives us the runway to bring that expertise to more founders who are ready for their next chapter.”
Savory was founded in 2018 and has since grown to own 13 brands across 27 states and more than 400 restaurants.
It grew soda chain Swig from 17 to 46 locations before selling a majority stake to The Larry H. Miller Company in 2022 and it grew Hawaiian concept Mo’ Bettas from six to 56 locations before selling a majority to Blue Marlin Partners and Trive Capital in 2024. Savory still holds a minority stake in both concepts.
All told, it has more than $750 million in assets under management.
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