Savory Fund
Savory Fund is a private equity firm that invests in and scales founder-led emerging restaurant brands, managing $750M+ across three funds and a portfolio of 13 restaurant concepts spanning 370+ locations across 26 US states.
- Company typePrivate
- Founded2020
- HeadquartersLehi, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Savory Fund does
Savory Fund is a Salt Lake City-area private equity firm that invests in and operates emerging founder-led restaurant brands. Founded in 2018 by Andrew K. Smith and Shauna Smith, the firm manages three institutional funds totaling over $750 million in assets under management (Fund I $100M in 2018, Fund II $100M in 2021, and Fund III first close of $110M in December 2025). It targets brands at the 2-20 unit stage, providing capital alongside operational infrastructure including real estate development, HR, supply chain ($150M+ annual supplier scale), recruiting, finance, marketing, and leadership training, while preserving founder involvement and equity.
The firm's portfolio comprises 13 distinct restaurant concepts spanning beverage (Swig), Hawaiian BBQ (Mo' Bettahs), Nashville hot chicken (Houston TX Hot Chicken), brunch (Hash Kitchen), Detroit-style pizza (Via 313), Miami fusion burgers (PINCHO), Vietnamese fast-casual (Saigon Hustle), acai and smoothies (South Block), Sicilian-inspired Italian (The Sicilian Butcher), Rocky Mountain BBQ (R&R BBQ), Asian street food (Hawkers), and European-style patisserie (Bonrue Bakery). Combined, the portfolio spans 370+ restaurants across 26 states and has generated $3B+ in aggregate sales since 2008. The platform also includes 86 Repairs, a tech-enabled R&M management platform serving 2,000+ restaurant operators.
Savory earns returns through equity stakes in portfolio brands and management of restaurant operations across company-owned and franchise locations. Distribution combines direct company-operated units (e.g., Hawkers' 15 fully company-owned stores) with multi-unit franchise development (e.g., Swig). The firm supplements its investment activity with operator-community platforms — Restaurantology Summit (annual conference with 700+ attendees) and the Restaurantology Podcast — that function as both brand-building and deal-sourcing channels. In January 2026, Clay Dover (former Velvet Taco CEO) was appointed CEO, while co-founder Shauna Smith transitioned to Managing Director.
Savory Fund firmographics
Firmographics- Name
- Savory Fund
- Legal name
- Savory Management Services, LLC
- Website
- https://savoryfund.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Savory Fund is a private equity firm that invests in and scales founder-led emerging restaurant brands, managing $750M+ across three funds and a portfolio of 13 restaurant concepts spanning 370+ locations across 26 US states.
- Ownership category
- akta.pro rank
Savory Fund industry classification
Industry- Product category
- Restaurant Private Equity
- NAICS
- Investment Banking and Securities Intermediation (523150), Portfolio Management and Investment Advice (52394)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)
- akta.pro primary industry
- Private Equity Fundraising Placement (FSAEALAB)
- akta.pro secondary industry
- Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)
Keywords
Where Savory Fund is headquartered
LocationHeadquarters
- HQ city
- Lehi
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Savory Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain
Revenue model
- Investment Returns / Equity Stakes: Savory Fund generates returns through equity investments in portfolio restaurant brands. They provide capital in exchange for majority or significant stakes in emerging restaurant concepts, profiting as brands grow and scale through new unit development and operational improvements.
- Portfolio Company Operations: Savory Fund operates restaurant brands through their portfolio companies, generating revenue from company-owned restaurant locations across multiple concepts including Swig, Mo' Bettahs, Via 313, and others.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Savory Fund product offering
Product offeringCore offering
Savory Fund is a private equity firm that invests in founder-led emerging restaurant brands with 2-20 units, providing financial capital, industry expertise, and value-add operational support (HR, real estate, supply chain, marketing, technology) to scale them nationally. The firm manages three institutional funds (Fund I $100M, Fund II $100M, Fund III $110M first close) with over $750M in assets under management, and operates a portfolio of 13+ restaurant brands spanning 370+ locations across 26 states.
Product overview
Savory Fund is a private equity investment firm that partners with founder-led restaurant brands to provide capital, operational infrastructure, and growth expertise. The platform manages a portfolio of 13+ distinct restaurant concepts spanning diverse cuisines and formats: beverage-focused (Swig), Hawaiian BBQ (Mo' Bettahs), hot chicken (Houston TX Hot Chicken), brunch (Hash Kitchen), Detroit-style pizza (Via 313), Miami fusion burgers (PINCHO), Vietnamese (Saigon Hustle), acai/smoothies (South Block), Italian/Sicilian (The Sicilian Butcher), Rocky Mountain BBQ (R&R BBQ), and Asian street food (Hawkers). Additionally, the platform includes 86 Repairs, a proprietary repair and maintenance management technology platform serving 2,000+ restaurant operators. The investment thesis centers on founder involvement and value-add operational support across real estate, HR, marketing, development, and strategic planning. Complementary services include Restaurantology Summit (annual operator conference) and Restaurantology Podcast (industry insights series). The firm operates Fund I ($100M), Fund II ($100M), and Fund III (first close $110M) with combined assets exceeding $750M, spanning 370+ restaurants across 26 states.
Differentiator
Problem solved
Functional benefit
Brands
- Restaurantology: Annual conference by operators, for operators - bringing together 700+ operators from around the country with panels and Q&As talking industry insights, trends, tips, failures, and triumphs.
- Restaurantology Podcast
Products and services
- Savory Investment Platform Private equity investment platform combining over $750M in assets under management with operational expertise, partnering with founder-led emerging restaurant brands to provide financial capital, industry expertise, growth opportunities, profitability enhancements, and new location development. Operates 370+ restaurants across 26 states.
- 86 Repairs
Quantifiable outcome
- 530+ restaurants developed, acquired, and operated since 2008
- +5 more outcomes
Companies that use Savory Fund
Customer profileNamed customers12 records
Segments2 records
Ideal customer profiles2 records
Savory Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Savory Fund partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- PizzaExpresscoreHouston TX Hot Chicken (Savory Fund portfolio brand) signed a master franchise agreement with PizzaExpress for UK expansion. Three outlets set to open in 2026 with target of 50 sites nationwide within three years. PizzaExpress operates close to 500 restaurants across UK and Ireland.
- Mayer BrownminorMayer Brown served as legal advisor to Savory Fund for the Hawkers investment transaction.
- Golenbock, Eiseman, Assor, Bell & Peskoe, LLPminorGolenbock, Eiseman, Assor, Bell & Peskoe, LLP served as legal advisor to Hawkers for the partnership transaction.
Scale indicators14 records
Recent moves9 records
Expansion highlights6 records
Savory Fund competitors and assessment
Company assessmentRegional players
- PizzaExpress: UK-based restaurant chain (~500 locations) that signed a master franchise agreement with Savory portfolio brand Houston TX Hot Chicken for UK expansion. Geographic complement and partnership, not a direct competitor, but a tangible example of the international franchise distribution channel Savory is leveraging.
- Sorenson Capital: Utah-based private equity firm with consumer and business services focus, including restaurant investments. Same regional base as Savory Fund and overlapping LP and operating partner networks in the Intermountain West.
Direct peers
- KarpReilly: Consumer-focused private equity firm with a notable portfolio of founder-led restaurant brands (CAVA, Clean Juice, Amazing Exploration). Comparable thesis of partnering with high-growth emerging restaurant concepts alongside their founders.
- Brentwood Associates: Private equity firm specializing in consumer and restaurant investments, with a long history of backing founder-led emerging restaurant brands (Lazy Dog Restaurant & Bar, Luna Grill). Similar mid-market focus on founder-friendly growth capital in the restaurant sector.
- Tengram Capital Partners: Consumer and food/beverage-focused private equity firm that invests in differentiated, growth-stage brands (Stumptown Coffee, Cholula, World Wrestling Entertainment). Similar mid-market consumer brand investing model with operator-friendly approach.
- Savory Capital Partners: Middle-market private equity firm focused on branded consumer products and restaurant companies. Highly comparable investment focus on consumer/restaurant brands with operating expertise and value-add support.
- Trilantic North America: Private equity firm with significant restaurant and consumer sector exposure (Tropical Smoothie Cafe, Imo's Pizza). Comparable fund size range and focus on lower-middle-market consumer and restaurant businesses.
Broad incumbents
- L Catterton: Consumer-focused private equity firm with a large restaurant and food/beverage portfolio (P.F. Chang's, Cheddar's Scratch Kitchen, Mendocino Farms). Closest direct competitor in the restaurant PE category, operating at significantly larger AUM with similar founder-friendly investment approach.
- Roark Capital: Large, established private equity firm focused exclusively on franchise and multi-unit restaurant businesses (owner of Inspire Brands, Subway, Arby's, Buffalo Wild Wings). Directly comparable investment thesis to Savory Fund, though at vastly larger scale and broader brand portfolio.
Others
- Four Foods Group: Restaurant-focused operating platform and incubator that develops and scales emerging restaurant concepts. Comparable in operating discipline for emerging restaurant brands, though structured as an operator rather than a PE fund; Savory executives have prior Four Foods Group backgrounds.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Savory Fund social profiles
Digital presenceSavory Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Savory Fund leadership team
Management profileNumber of profiles
Profiles11 records
Savory Fund subsidiaries and ownership
Company hierarchySubsidiaries13 records
Savory Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Savory Fund M&A and investment
M&A and investmentM&A2 records
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Savory Fund
What does Savory Fund do?
Savory Fund is a private equity firm that invests in founder-led emerging restaurant brands with 2-20 units, providing financial capital, industry expertise, and value-add operational support (HR, real estate, supply chain, marketing, technology) to scale them nationally. The firm manages three institutional funds (Fund I $100M, Fund II $100M, Fund III $110M first close) with over $750M in assets under management, and operates a portfolio of 13+ restaurant brands spanning 370+ locations across 26 states.
Is Savory Fund a public or private company?
Savory Fund is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Savory Fund founded?
Savory Fund was founded in 2020. It employs 101 to 250 people.
Where is Savory Fund based?
Savory Fund is headquartered in Lehi, United States, in the North America region.
How does Savory Fund make money?
Two revenue lines are on record. Investment Returns / Equity Stakes are the primary driver. The others are portfolio Company Operations.
Who are Savory Fund's main competitors?
Regional players on record are PizzaExpress and Sorenson Capital. Direct peers are KarpReilly, Brentwood Associates, Tengram Capital Partners, Savory Capital Partners and Trilantic North America. Broad incumbents are L Catterton and Roark Capital. Four Foods Group is listed as an others.
Does Savory Fund have an API?
No public API is recorded for Savory Fund.
What industry is Savory Fund in?
Savory Fund's product category is Restaurant Private Equity. Its primary akta.pro industry code is FSAEALAB, Private Equity Fundraising Placement, with a secondary code of BPAHADAG, Capital Raising Advisory (Debt/Equity/Private Capital). Its NAICS code is 523150 and its SIC code is 6211.