D.C. and Dallas-based personal fairness corporations spend money on the booming Hawaiian-style meals model, with Savory and Mo’ Bettahs’ founders retaining important minority possession
Lehi, UT (RestaurantNews.com) Mo’ Bettahs Hawaiian Fashion Meals, the category-defining quick informal idea serving up genuine Hawaiian plate lunch, immediately introduced that Blue Marlin Companions and Trive Capital have partnered to accumulate a majority stake from Savory Fund. Each Savory and Mo’ Bettahs’ founders will retain important minority stakes.
Mo’ Bettahs was based in 2008 in Bountiful, Utah, by Hawaii-born brothers Kimo and Kalani Mack. In 2017, it was acquired by Savory Fund, an revolutionary personal fairness agency that invests in rising restaurant ideas. Collectively, they’ve scaled the award-winning model from 6 shops to now 56 shops throughout seven states — all whereas delivering optimistic same-store gross sales development yr over yr.
“Mo’ Bettahs is — and all the time shall be — one in every of my favourite investments we’ve ever made due to the folks,” stated Andrew Okay. Smith, managing director of Savory Fund. “We love the tradition that Kimo and Kalani Mack created 16 years in the past, we love the meals that they share as if you’re in their very own yard in Hawaii, and we couldn’t be prouder of the partnership we’ve fashioned. Over the previous seven years, they’ve develop into like brothers to us all, and we’re excited to welcome Blue Marlin Companions and Trive Capital into the Mo’ Bettahs ohana.”
Blue Marlin Companions, headquartered in Bethesda, MD, and Trive Capital, headquartered in Dallas, TX, are each main personal fairness corporations with investments in quite a lot of classes. Impressed by Mo’ Bettahs’ genuine menu, high-growth trajectory, and top-quality group, Blue Marlin and Trive Capital are each energized and uniquely positioned to assist Mo’ Bettahs because it enters its subsequent stage of development.
“Mo’ Bettahs has established itself because the chief within the Hawaiian class, in addition to one of the thrilling quick informal manufacturers out there with its high-quality meals and genuine eating expertise that harkens again to Kimo and Kalani’s days rising up in Hawaii,” stated Peter Kirsch, founder and managing associate of Blue Marlin. “We’re excited to construct on the model’s important momentum and share the aloha with friends throughout the nation.”
Chris Zugaro, associate at Trive, stated: “Kimo, Kalani, and CEO Rob Ertmann have accomplished an unimaginable job constructing and increasing the Mo’ Bettahs model and delivering an genuine Hawaiian expertise to their prospects. We sit up for partnering with the Firm to assist its subsequent part of development.”
“I’ve seen Mo’ Bettahs greater than double in measurement throughout my time right here, however due to good companions like Savory, the center of the model has all the time remained the identical,” stated Rob Ertmann, CEO of Mo’ Bettahs, who joined the model in 2021 when it had 22 shops in two states. “I’m assured Blue Marlin and Trive will solely add to that synergy, and our group can’t wait to get began on bringing genuine Hawaiian delicacies to extra neighborhoods, mates, and households.”
Mo’ Bettahs has received awards and received over regulars since its founding 16 years in the past. During the last three years, its income has grown 178%, and its loyalty subscriber base has reached practically 500,000 members.
“We by no means deliberate on proudly owning a restaurant — not to mention virtually 60 of them. We had been two metropolis bus drivers from Hawaii who knew cook dinner, eat, and work, however the best way our lives have unfolded is past something we may have imagined,” stated Kimo and Kalani Mack, co-founders of Mo’ Bettahs. “We wouldn’t be right here with out our Savory companions, Andrew and Shauna Smith. They’ve been by our aspect at each step of development, all whereas respecting and honoring our expertise and heritage. We’re honored to proceed the journey with them as we welcome Blue Marlin and Trive to the Mo’ Bettahs’ fold. Their partnership will allow us to share good meals and ‘unfold da aloha’ throughout the mainland for years to come back.”
Phrases of the transaction weren’t disclosed. Harrington Park Advisors served as unique monetary advisor to Mo’ Bettahs, and Mayer Brown served as authorized advisor to Mo’ Bettahs and Savory Fund. Benesch served as authorized advisor to Blue Marlin. Gibson Dunn served as authorized advisor to Trive Capital.
About Mo’ Bettahs Hawaiian Fashion Meals
Mo’ Bettahs was based in Bountiful, Utah in 2008 by Kimo and Kalani Mack with a objective of offering friends with an genuine Hawaiian island barbeque expertise, identical to they loved whereas rising up in Oahu, Hawaii. Since partnering with Savory Fund, Mo’ Bettahs has grown to 56 shops in Utah, Idaho, Oklahoma, Texas, Missouri, Nevada, and Kansas. Mo’ Bettahs has plans to unfold the aloha spirit to extra communities by continued growth within the coming months and years. Mo’ Bettahs ranked #46 on Quick Informal’s “Prime 100 Movers and Shakers” checklist in 2023. Mo’ Bettahs presents dine-in, takeout and catering. For extra info, go to Mo’ Bettahs’ web site or comply with on Instagram, Fb or Twitter.
About Savory Fund
Savory Fund is an revolutionary personal fairness agency that mixes over $750 million in property underneath administration with a development playbook and experience that has been developed over 15 years of working within the restaurant trade. Savory companions with high-potential, worthwhile, rising restaurant manufacturers to ship monetary capital, trade experience, development and income alternatives, profitability enhancements, and new location growth. The Savory group contributes on to all features of development and replication through the use of a confirmed playbook and methodology. Founder involvement within the growth of a model is a central theme of the Savory method as founders carry the tribal information across the uniqueness that has energized early success and is crucial to future development. Savory is at present invested in 11 manufacturers: Swig, R&R BBQ, PINCHO, Through 313 Pizzeria, Houston TX Scorching Hen, Mo’ Bettahs Hawaiian Fashion Meals, 86 Repairs, Saigon Hustle, Hash Kitchen, The Sicilian Butcher, and South Block. For extra info, go to SavoryFund.com.
About Blue Marlin Companions
Blue Marlin Companions is a non-public funding agency that invests in established center market companies trying to considerably develop and notice shareholder worth. Blue Marlin was based by Peter Kirsch with a choose group of totally dedicated capital sources — together with household workplaces and excessive web price people — as a distinct kind of personal funding agency. Blue Marlin was fashioned to take away the standard institutional constraints of personal fairness funds, thus enabling higher flexibility by way of trade, deal buildings and funding time horizons. Its investee companions have entry to profitable entrepreneurs, operators, buyers and enterprise leaders who’re dedicated to making use of the information gained from their direct operational expertise, monetary assets, strategic assist, networks, and sector-specific experience, to assist considerably develop companies and notice shareholder worth. Thus far, Blue Marlin has deployed over $750MM of capital throughout 29 platform investments together with strategic companions. For extra info, go to BlueMarPartners.com.
About Trive Capital
Trive Capital is a Dallas, Texas-based personal fairness agency with greater than $7 billion of regulatory property underneath administration. Trive focuses on investing fairness and debt in what it sees as strategically viable middle-market corporations with the potential for transformational upside by operational enchancment. We search to maximise returns by a hands-on partnership that requires figuring out and implementing worth creation concepts. The Trive group is comprised of seasoned funding professionals who’ve been concerned in over 250 middle-market transactions representing in extra of $7 billion in income throughout Trive’s focused trade sectors and conditions. For extra info, go to TriveCapital.com.
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Jay Brasher
Champion
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jbrasher@championmgt.com