SALT LAKE CITY, Sept. 22, 2020 /PRNewswire/ -- Savory today announced its investment in Southern California restaurant concept, The Crack Shack. The first investment since the announcement of its inaugural $90 million fund in May, Savory looks to continue fueling the growth and operations of the beloved concept as it moves toward expansion into new communities.
With a strong heritage in fine dining, Michael Rosen, founder of San Diego fine dining restaurant Juniper and Ivy, created The Crack Shack and its one-of-a-kind chicken and egg-focused menu from a passion for quality food and the family-friendly spirit of Southern California. From its grassroots beginnings in a shack adjacent to nationally-acclaimed Juniper and Ivy, the brand has grown to include several stores throughout the San Diego and greater Los Angeles areas, as well as Las Vegas.
Savory uniquely answers a gaping need in the food and beverage industry through its team of award-winning industry veterans paired with 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 segment, and truly brings together 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 The Crack Shack during the pandemic and beyond. We’re thrilled to partner with Michael and his team to continue expansion and bring this iconic brand and these unbelievable flavors to 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. The brand is committed to sourcing pristine quality ingredients—from fresh, antibiotic-free, “beyond free range” Jidori® Chicken and Gonestraw Farm Eggs, to artisan breads, housemade sauces and locally-sourced produce—and preparing them with fine-dining technique. But when served in the form of trays of fried chicken, big hearty sandwiches, and bright bowls in a laid-back “coop”-like atmosphere, it is a wholly unique experience and one that will resonate with consumers from all walks of life.
“Andrew and the Savory management team have created something much more than a private equity fund, with not only access to capital but 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 earned 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.
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 and emerging restaurant brands, to deliver financial capital, industry expertise, 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, concepted and founded by Michael Rosen in 2015 as a passion project to transform the pristine local ingredients from his fine dining restaurant, Juniper and Ivy, into a more accessible experience for the masses. At the forefront of the fried chicken craze, the brand now has six locations in San Diego, Encinitas, Costa Mesa, Century City, Pasadena and the Las Vegas Strip. The core of the menu, developed by Culinary Director Jon Sloan, is the original “SoCal Style” Fried Chicken using top quality Jidori birds and a proprietary “Crack Spice” blend from San Francisco-based Le Sanctuaire. While the Bone-In is the signature staple, the chef-driven menu boasts sandwiches, bowls, unique sides and a “Lil' Cluckers” menu for the kids. Outside of the universally-loved food, Crack Shack fans flock to the "coops" for the social atmosphere surrounded by whimsical, chicken-inspired artwork, lawn games, and bars stocked with craft cocktails, wines and local beers.