Operations
Craveworthy Brands acquiring Mongolian Concepts
April 12, 2023
Craveworthy Brands, which owns Wing It On, The Budlong, Krafted Burger + Tap and Lucky Cat Poke Company, is acquiring Genghis Grill, BD's Mongolian Grill and Flat Top Grill, owned by Mongolian Concepts. Mongolian Concepts CEO Gregg Majewski, who is also CEO and founder of Craveworthy Brands, led the acquisition, according to a company press release.
Genghis Grill, BD's Mongolian Grill and Flat Top Grill, which has over 80 corporate-owned and franchised locations, will integrate into the Craveworthy Brands ecosystem, eliminating the Mongolian Concepts umbrella. No job eliminations are expected, rather job creation, brand acquisition, concept development and franchise growth is anticipated across Craveworthy Brands, Majewski said in the release.
"There's decades of success infused into Craveworthy Brands and it stems from the talented team we've assembled," Majewski said. "We're uniquely qualified to invigorate and supercharge legacy brands while nurturing and growing emerging brands. This transaction represents a key acquisition and adds iconic restaurant brands with talented team members into our portfolio."
The deal marks the third major acquisition for Craveworthy since the formation of the company in late 2022. Prior purchases include Wing It On and The Budlong Hot Chicken. Plus, Craveworthy has incubated two additional brands, Krafted Burger Bar + Tap and the Lucky Cat Poke Company.
"We expect a bright future for all three brands with Gregg and his team behind them," Manish Patel, co-founder and principal of Dallas-based CMG Companies, which focuses on multi-unit franchise operations in restaurants, retail and hotels with approximately 450-pluslocations across more than 30 states, said in the release. "As we exit all three Mongolian Concepts brands, Genghis Grill, BD's Mongolian Grill and Flat Top Grill will all remain as a keypart of our history and legacy."
To support the formation and expansion of the Craveworthy Brands portfolio, Majewski partnered with the newly created merchant banking division of FG Financial Group.
Legal counsel to Mongolian Concepts in the transaction was Wiggin and Dana LLP. Craveworthy was represented in the deal by Momkus LLP.
