Operations

Savory Fund invests in Zao Asian Grill, targets national growth

Savory Fund co-founder Shauna Smith and CEO Clay Dover are keynoting the Fast Casual Executive Summit, Oct. 4-6, where attendees can learn more about the deal.

Photo: Zao

August 4, 2026

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Savory Fund, a private equity firm known for backing restaurant brands including Swig and Mo' Bettahs, is adding Zao Asian Grill, a fast-casual chain with 23 locations, to its investment portfolio.

Terms were not disclosed, but the deal marks the fourth investment for Savory Fund III, following South Block, Bonrue Bakery and Hawkers Asian Street Food.

Zao, founded in 2013, serves bowls, salads, wraps, tacos and soup built around proteins, noodles, rice, vegetables and made-from-scratch sauces. The company has posted same-store sales growth of 18.2%, which Savory attributed to demand for clean eating, a growing catering business and a steady rollout of limited-time offers.

Growing Zao

To support expansion, Zao has secured a $12.5 million debt facility with Columbia Bank, projecting at least 10 locations by 2027, building on a base concentrated in the Mountain West.

Andrew K. Smith, managing director and co-founder of Savory Fund, said he has long admired Zao founder Dave Duffin's work in the industry and welcomed the chance to partner with him directly rather than watch from the sidelines.

Duffin, who also founded Zuka Juice and Rumbi Island Grill, said the brand has spent years building guest loyalty through approachable, flavor-forward food.

"Savory gets it. They've scaled brands before and they know the difference between growing fast and growing right," Duffin said in a company press release. "They are exactly the kind of partner we were looking for."

Zao's leadership team also includes CEO Tom Hartman, who brings multi-unit operations experience across several restaurant brands, and Paul Killpack, who previously spent 13 years as chief financial officer at Café Zupas, where he helped grow the chain from nine to more than 80 locations.

Hartman said the brand's growth reflects the work of its unit-level operators and support staff, and that Savory's operational resources position the company for its next phase.

Savory Fund, based in Lehi, manages more than $750 million in assets and has spent 18 years working with emerging restaurant brands, providing capital, operational expertise and support for new location development. Its portfolio also includes R&R BBQ, Pincho, Via 313 Pizzeria, 86 Repairs, Saigon Hustle, Hash Kitchen, The Sicilian Butcher and Houston TX Hot Chicken.

Want to hear more?

Savory Fund co-founder Shauna Smith and CEO Clay Dover are keynoting the Fast Casual Executive Summit, Oct. 4-6, where attendees can learn more about the deal. Register here.