Savory Fund

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.

Name

Savory Fund

Legal name

Savory Management Services, LLC

Website

https://savoryfund.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

5,001–10,000 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

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

• Restaurant private equity
• Restaurant brand investment
• Founder-led brand scaling
• Multi-unit restaurant operations
• Restaurant franchise development

Headquarters

HQ city

Draper

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. 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.
2. 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

Core 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

Named customers12 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core and minor.

• PizzaExpresscoreChannel Partner/ Reseller/ Distributor · 23 June 2026Houston 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 BrownminorImplementation/ SI/ Consulting Partner · 12 June 2025Mayer Brown served as legal advisor to Savory Fund for the Hawkers investment transaction.
• Golenbock, Eiseman, Assor, Bell & Peskoe, LLPminorImplementation/ SI/ Consulting Partner · 12 June 2025Golenbock, Eiseman, Assor, Bell & Peskoe, LLP served as legal advisor to Hawkers for the partnership transaction.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Regional 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

• Xtwitter.com/savoryfund
• YouTubeyoutube.com/@SavoryFund
• LinkedInlinkedin.com/company/savory-fund
• Instagraminstagram.com/savoryfund

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Savory Fund