After investing in Hash Kitchen in 2021, Savory Fund goes back for seconds with ‘The Concept King’ Joey Maggiore and wife Cristina Maggiore, and their Italian eatery, The Sicilian Butcher
Lehi, UT (RestaurantNews.com) In what will commemorate its 10th brand investment, Savory Fund announced it has acquired a majority interest stake in The Sicilian Butcher, a nationally acclaimed craft meatball and charcuterie bar from famed chef and “concept king” Joey Maggiore. After a $20-million investment in 2021 of Maggiore’s innovative (and Instagram-able) brunch spot, Hash Kitchen, Savory Fund is making this second brand investment with up to $30 million allocated for The Sicilian Butcher and its sister concept The Sicilian Baker.
Founded in 2017 by Joey and his wife Cristina, The Sicilian Butcher is centered on a build-your-own dining experience, boasting hand-rolled meatballs, made-from-scratch spaghetti, and Sicilian-style charcuterie platters (some up to 5 feet long!). It also houses The Sicilian Baker, a popular pasticceria featuring a made-to-order cannoli bar and gelateria.
“I have always had a strong affinity to the Italian food segment, and it has taken time to find the right concept ready for national expansion. The Sicilian Butcher is the best all-around concept poised for scale,” said Andrew K. Smith, managing partner and co-founder of Savory Fund. “Investing behind Joey’s abilities to create one-of-a-kind experiences is a win-win. I have never met someone like him in the industry. I’m honored to partner with him again.”
Elevated, experiential dining experiences are always on the menu for the Maggiores, who run the Scottsdale-based The Maggiore Group with their business partner Flora Tersigni. Other notable concepts are the aforementioned Hash Kitchen (which takes boozy brunch to new heights with its build-your-own Bloody Mary bar) and The Mexicano (featuring a 3-foot quesadilla – need we say more?). From brunchery to butchery, every concept is deliciously unique and unforgettable.
“Savory just started speaking with an Italian accent!” said Joey Maggiore, who originally gained a passion and talent in the kitchen from his late father, culinary icon Tomaso Maggiore. “The time for The Sicilian Butcher to explode is now. I can’t wait to have my father Tomaso’s legacy all over the country. He would be so honored.”
The Maggiore Group will work alongside the Savory team and Joey and Cristina will remain involved in the development of the brand. Josh Boshard, COO of Savory Management; Greg Warnock, managing director at Savory Fund; and Andrew Smith, managing director at Savory Fund, will join The Sicilian Butcher board of directors, alongside Joey Maggiore and Flora Tersigni of The Maggiore Group.
“Experiencing a Maggiore restaurant is like experiencing your first time in Italy – it’s classic, authentic, fresh, and electric,” said Josh Boshard, COO of Savory Management. “When you experience a Maggiore restaurant, you find a way to partner with them. And after you partner with them, you find a way to partner with them again. After the success of Hash Kitchen, we can’t wait for The Sicilian Butcher to join the Savory family.”
The Sicilian Butcher currently operates three locations in Arizona. Savory’s investment will be used to form the new partnership, unify operations, and fuel the rapid expansion into new markets including Dallas, Houston, San Antonio and Las Vegas. The expectation is to open nearly 20 units over the next four years.
About Savory Fund
Savory Fund is an innovative private equity firm that combines over $600 million in assets under management with a growth playbook and expertise that has been developed over 15 years of operating in the restaurant industry. Savory partners with high-potential, profitable, emerging restaurant brands, to deliver financial capital, industry expertise, growth and 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. The Savory Fund has invested in 10 brands: Swig, R&R BBQ, Pincho, Via 313 Pizzeria, The Crack Shack, Mo’ Bettahs Hawaiian Style, 86 Repairs, Saigon Hustle, Hash Kitchen, and now The Sicilian Butcher. For more information, visit savoryfund.com.
About The Sicilian Butcher and The Sicilian Baker
The Sicilian Butcher, Craft Meatballs and Charcuterie Bar, is a modern-casual restaurant for Sicilian and Italian-inspired charcuterie and bruschetta boards, fresh, handmade pasta made daily and a choose-your-own-meatball experience. Adjacent to The Sicilian Butcher is The Sicilian Baker, a cannoli bar with a dozen cannoli cream options, gelato bar, espresso bar, and an authentic Italian-style pasticceria where guests can choose from a selection of sweet and savory pastries and desserts. For more information, visit www.TheSicilianButcher.com and www.TheSicilianBaker.com.
The post The Sicilian Butcher Sells Majority Stake to Savory Fund first appeared on RestaurantNews.com.
Go to Source
Author: RestaurantNews.com The Sicilian Butcher Sells Majority Stake to Savory Fund RestaurantNews.com https://www.restaurantnews.com/the-sicilian-butcher-sells-majority-stake-to-savory-fund-101222/ https://www.restaurantnews.com/feed/ October 13, 2022 RestaurantNews.com 12:00 am