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.
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