Street Food Hawkers, a prominent dining establishment, gains a formidable new set of directors.
Savory Fund, a leading private equity firm, has bolstered its portfolio by acquiring casual-dining chain Hawkers Asian Street Food last month [1]. The acquisition follows Hawkers' cancellation of bankruptcy after reaching an agreement with its lenders [10].
To support Hawkers' growth and stability, Savory Fund has overhauled the chain's board, recruiting experienced executives from the casual dining sector [9]. These industry veterans bring crucial operational expertise, strategic insights, and proven leadership skills that can help grow and stabilize the brand [2].
Andrew Smith, Managing Director of Savory, and Barry McGowan, CEO of Fogo de Chao, are among the new board members [3][7]. McGowan, a 40-year industry veteran, currently serves as CEO of Fogo since 2019 and previously held the position of company president since 2013 [6].
Chris Tomasso, CEO of First Watch, and Kaleb Harrell, cofounder and CEO of Hawkers, are also joining the new board [4][5]. Tomasso boasts 30 years of leadership experience, including 7 years as CEO of First Watch, and has previously worked with chains like Cracker Barrel and Hard Rock Café [8].
According to Andrew Smith, the new board is not just high-calibre, but also has a high conviction and each member brings unique strengths [9]. He described Hawkers as a "good business" with "monster AUVs" [11]. Each Hawkers location averages $4.6 million in revenues per year, beating industry averages and boasting good margins and sales and traffic [12].
The new board members were selected for their alignment with the brand's mission, culture, and trajectory [9]. Taylor DeHart, a principal with Savory, is also joining the board [13]. This strategy has been part of Savory's model in scaling brands like Hawkers, Mo’Bettahs, and others within their portfolio [2].
By partnering with emerging and trendy restaurant brands and emphasizing the augmentation of existing teams [1], Savory Fund benefits from the knowledge and networks of seasoned executives who understand the nuances of the casual dining sector [2]. This approach improves financial soundness quickly and enables growth to new markets [4].
In conclusion, the infusion of experienced board members into Hawkers Asian Street Food by Savory Fund offers operational expertise, strategic guidance, and credibility to their investments in casual-dining chains, ultimately accelerating growth while preserving brand identity.
- The acquisition of Hawkers Asian Street Food by Savory Fund has been followed by a restructuring of the company's board to include finance and restaurant industry experts, such as Andrew Smith, Chris Tomasso, and Kaleb Harrell, who bring crucial operational expertise, strategic insights, and proven leadership skills that can enhance the financial soundness of the business.
- The new board members, including industry veterans like Barry McGowan and Taylor DeHart, have been selected for their alignment with the brand's mission, culture, and trajectory, and their ability to offer technology and business growth opportunities that can help expand the brand beyond its current markets.
- With the infusion of technology and financial expertise, Hawkers Asian Street Food aims to improve its food-and-drink offerings, business model, and lifestyle appeal to attract a wider customer base while preserving its unique identity as a casual-dining chain.
