Savory to expand elevated, highly experiential restaurant concept into leading player in brunch category throughout western United States
Scottsdale, AZ (-) Savory Fund announced today that it has invested in the popular brunch concept Hash Kitchen. The Scottsdale-based chain, creatively designed around a social dining experience, is the latest brand to attract growth capital from Mercato Partners’ $200 million Savory Restaurant Fund, which was formed to back promising emerging restaurant concepts. Savory Fund has allocated $20M to this investment and will scale the concept across the western United States.
Founded in 2015 by celebrity chef Joey Maggiore, his wife Cristina, and partner Flora Tersigni of The Maggiore Group, Hash Kitchen’s menu features high-quality and next-level breakfast and boozy brunch offerings. Its chef-driven, curated menu is distinctively paired with an Instagram-worthy dining atmosphere, making Hash Kitchen the go-to spot for locals and a culinary destination for visitors.
“Hash Kitchen uniquely captures the demand from today’s consumer for restaurant experiences that combine consistently outstanding food with upbeat music and a highly experiential atmosphere,” said Andrew K. Smith, managing partner and co-founder of the Savory Fund. “We intend to amplify the Hash Kitchen brand by melding its strengths into Savory’s growth-and-scale playbook, thereby creating synergies and unleashing its inherent potential. The Maggiore Group is a force with exceptionally creative operators, and we believe that by combining our talents and resources, we can make Hash Kitchen the breakfast/brunch category’s dominant player west of the Mississippi.”
Limited daypart concepts have been growing in popularity over the last decade. Hash Kitchen is fast becoming a leader in the category thanks to its unparalleled build-your-own Bloody Mary bar experience and flavorful comfort food, including such signature items as the Cannoli Pancakes, Billionaire Bacon, Banana Split Brioche French Toast, Short Rib Breakfast Burrito and Carnitas Hash. Plus, the lively, communal vibe that sets it apart from the rest.
Chef Joey and The Maggiore Group will remain involved in the development of the brand, working alongside the Savory team to integrate its proven platform for unlocking additional enterprise value through a high level of execution and acceleration of scale. Maryam Chaney, Vice President of Food & Beverage for Savory Management, Robert Gardner, lead investor on the transaction for the Savory Fund, and Andrew K. Smith, Managing Director, will join the Hash Kitchen Board of Directors, alongside co-founders Joey Maggiore and Flora Tersigni of The Maggiore Group.
“We are really excited that Savory has recognized the potential in Hash Kitchen and is going to work side-by-side with our team to bring our unique brand of social dining experiences to a wider audience,” Chef Joey Maggiore said. “We think Savory is the perfect partner for us, and we can’t wait to implement their proven growth model as we reach beyond our home base to profitably and aggressively expand our footprint to neighboring states.”
Hash Kitchen currently operates five locations in Arizona with two others currently in development. Savory’s investment will be used to form the new partnership, unify operations, and provide fuel and additional human capital for rapid expansion into new markets. The expectation is to open 30 new locations over the next four years.
About The Savory Fund
The Savory Fund, a $200 million F&B practice managed by Andrew K. Smith and Greg Warnock of Mercato Partners, focuses 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 along with its 70-person veteran restaurant operations team. For more information, visit savoryfund.com.
About Hash Kitchen
Breakfast classics are remixed and reimagined at Hash Kitchen, a buzzy brunchery with Instagrammable, creative daytime dishes and an exceptional, interactive build-your-own Bloody Mary bar where guests can customize their cocktail from start to finish with house made Bloody Mary mixes, house-infused spirits and over 50 craft toppings. The innovative concept combines chef-driven food and an elevated cocktail program with a next-level, brunch-centric atmosphere complete with social-media-worthy wall art and rotating guest DJs and turntables on the weekends. To learn more, visit www.hashkitchen.com.
Contact:
Ladd Biro
Champion Management
972-930-9933
lbiro@championmgt.com