Savory Fund, a private equity firm based in Salt Lake City, has raised $201.5 million for Savory Fund III, according to a report published October 13. The firm stated that the amount exceeds its initial $200 million goal.
According to the October 13 report, 35% of the third fund has already been deployed across four brands. These include St. George, Utah-based Bonrue Bakery, Salt Lake City-based Zao Asian Grill, D.C.-based South Block, and Orlando-based Hawkers Asian Street Food.
Savory Fund Co-Founder and Managing Director Andrew K. Smith said in a statement that the fundraise represents a vote of confidence from investors. Smith noted that the majority of the limited partners in Fund III had previously invested in Fund I or II and that major banks have also joined the group.
The third fund is led by CEO Clay Dover, who joined the firm in January. Savory Fund intends to eventually invest in eight or nine restaurant concepts within the casual-dining, fast-casual, and quick-service segments.
Co-Founder and Managing Director Shauna K. Smith stated that the fund provides the runway to bring expertise to founders looking for their next chapter. She noted that investors are backing the team's ability to scale brands without losing their original identity.
Founded in 2018, Savory Fund has grown to own 13 brands across 27 states, representing more than 400 restaurants and managing over $750 million in assets. The firm typically takes a controlling stake in brands while leaving founders in charge.
Previous growth efforts include scaling the soda chain Swig from 17 to 46 locations before selling a majority stake to The Larry H. Miller Company in 2022. The firm also grew the Hawaiian concept Mo’ Bettas from six to 56 locations before selling a majority stake to Blue Marlin Partners and Trive Capital in 2024, though Savory still holds a minority stake in both brands.
Savory Fund currently maintains interests in several other brands, including Via 313 Pizzeria and Houston TX Hot Chicken.
