Savory today announced its investment in Southern California restaurant chain, The Crack Shack. The first investment since the close of its inaugural $90 million fund, Savory looks to continue fueling the grassroots-growth and operations of the well-loved chain as it moves toward expansion into new markets.
With a strong heritage in fine dining, Michael Rosen, founder of Juniper and Ivy, along with former Top Chef winner Richard Blais created The Crack Shack and its one-of-a-kind chicken-focused menu from a passion for quality food and the family-friendly spirit of Southern California. From its humble beginnings in a shack behind Juniper and Ivy, the brand has grown to include several stores throughout the San Diego and greater Los Angeles areas and Las Vegas.
Savory uniquely answers a gaping need in the food and beverage industry through its team of award-winning industry veterans paired with access to growth capital. Through decades of cumulative experience and success, the team provides critical resources for restaurants and proven multi-unit concepts. These include real estate selection and negotiation, development and construction, project and event management, talent recruiting, leadership training and development, supply chain/procurement, human resources, accounting, strategic financial planning, facilities management, sales and marketing, and much more.
"The Crack Shack is one of the most intriguing brands to come out of the fast-casual mold, and truly brings together delicious and forward-thinking food in a family-friendly environment that you want to return to again and again," said Andrew K. Smith, managing director of Savory. "With Savory's vast experience developing and operating hundreds of restaurant locations and ability to successfully execute investment strategies through trying economic cycles, we're uniquely equipped to grow brands during the pandemic and beyond. We're thrilled to partner with Michael and his team to continue expansion and bring these unique flavors to hungry people across the country."
As dining behaviors rapidly change due to COVID-19, consumers, more than ever, are looking for a memorable and new dining experience, and The Crack Shack provides that in spades. With its whole-chicken philosophy, responsibly sourced free-range organic Jidori® chicken, fine dining finesse, and laid-back atmosphere, it is a wholly unique experience and one that will resonate with consumers from all walks of life.
"Andrew and the Savory team have created something much more than a private equity fund, with not only access to capital but decades of combined experience, a deep understanding of the restaurant industry and the knowledge to grow a brand sustainably and effectively," said Michael Rosen, founder and CEO of The Crack Shack. "We couldn't be more excited to partner with Savory to bring our deliciously reimagined comfort food and fine dining flair to more people in more places."
The Crack Shack joins Savory's current portfolio of highly popular restaurant concepts Mo'Bettahs, R&R BBQ and Swig. Throughout the life of the portfolio and even amidst the pandemic, the brands have seen remarkable growth, exceeding 40% year-over-year, all while staying profitable.
RA Capital Advisors acted as exclusive financial advisor to The Crack Shack in the transaction.
To learn more about The Crack Shack and to find current locations, please visit:www.crackshack.com.
About Savory
Savory, a Mercato Partners Fund, is focused on delivering outsized returns through strategic investments in the food and beverage industry. Savory partners with high-potential, profitable, emerging restaurant brands, to deliver financial capital, industry expertise, revenue opportunities, profitability enhancements, and new location development. The Savory team contributes directly to all aspects of growth and replication by using a proven playbook and methodology. Founder involvement in the expansion of a brand is a central theme of the Savory approach, as founders carry the tribal knowledge around the uniqueness that has energized early success and is essential to future growth.
About The Crack Shack
The Crack Shack is a SoCal based gourmet fried-chicken eatery known for its one-of-a-kind menu items, decadent sandwiches and fun vibe. Created by founder Michael Rosen and Top Chef winner Richard Blais, The Crack Shack serves up a chef-driven menu with a focus on the duo's shared passion for all things chicken and eggs. The restaurant has six locations, one in Little Italy, Encinitas, Costa Mesa, Los Angeles, Pasadena and Las Vegas.
