Key Takeaways
- • Savory Fund held the final close of its oversubscribed Fund III at $201.5 million, above its $200 million target.
- • The Salt Lake City private equity firm's Fund III drew returning and new limited partners, including banks.
- • Fund III is already 35 percent deployed across four restaurant brands: South Block, Bonrue Bakery, Hawkers Asian Street Food and Zao Asian Grill.
- • Fund III plans eight to nine platform investments across quick-service, fast-casual and casual dining.
- • Savory manages more than $750 million and backs 13 brands with more than 400 locations in 27 states.
Summary
Savory Fund, a Salt Lake City private equity firm focused on restaurant brands, has held the final close of its Fund III at $201.5 million. The vehicle was oversubscribed and finished above its $200 million target. The fund drew returning limited partners as well as new investors, including banks.
Fund III is already 35 percent deployed across four brands: South Block, Bonrue Bakery, Hawkers Asian Street Food and Zao Asian Grill. South Block is an acai and smoothie brand from the Washington, D.C., area, and Bonrue Bakery is a European-style patisserie with a following in Utah. The fund plans eight to nine platform investments across quick-service, fast-casual and casual dining.
Savory's strategy is to provide capital and operating support to profitable, emerging, founder-led restaurant concepts. The firm aims to help these companies grow revenue, improve profitability and open new locations, while the founders remain involved in running the businesses.
Founded in 2018, Savory manages more than $750 million and backs 13 brands with more than 400 locations in 27 states. Co-founder and Managing Director Andrew K. Smith said the majority of Fund III's limited partners also invested in Fund I or Fund II, a detail that points to repeat investor confidence in the platform.
Fund III is already 35 percent deployed across four brands: South Block, Bonrue Bakery, Hawkers Asian Street Food and Zao Asian Grill. South Block is an acai and smoothie brand from the Washington, D.C., area, and Bonrue Bakery is a European-style patisserie with a following in Utah. The fund plans eight to nine platform investments across quick-service, fast-casual and casual dining.
Savory's strategy is to provide capital and operating support to profitable, emerging, founder-led restaurant concepts. The firm aims to help these companies grow revenue, improve profitability and open new locations, while the founders remain involved in running the businesses.
Founded in 2018, Savory manages more than $750 million and backs 13 brands with more than 400 locations in 27 states. Co-founder and Managing Director Andrew K. Smith said the majority of Fund III's limited partners also invested in Fund I or Fund II, a detail that points to repeat investor confidence in the platform.
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