Operations
Savory invests in smoothie chain
January 31, 2024
Utah-based Savory, which funds Swig, Mo' Bettahs, Via 313, Saigon Hustle and Hash Kitchen, has partnered with the Virginia-based smoothie brand, South Block, to help it expand. Amir Mostafavi, founder and CEO of South Block, will continue as CEO and steersman post-acquisition.
"South Block was built by always putting people first. Our people, our culture, and our community are the driving force behind what makes South Block shine," Mostafavi said in the release. "When seeking a partnership to accelerate our growth, we knew we couldn't compromise our core values. Savory stood out because of their focus on founders' vision and their dedication to culture. Our teams have blended so well from the start. We couldn't be more excited about the jobs we are going to create, and the positive impact we are committed to cultivating on every block we become a part of."
Founded in 2011, South Block has 15 locations in Virginia, Washington DC and Maryland.
"I instantly fell in love with South Block — from the moment I took a bite of that insanely good PBJ acai bowl," Andrew K. Smith, managing partner and co-founder of Savory, said in the release. "Their menu is healthy without being intimidating, their systems are effective and sound, and their devoted following is incredible to watch. Amir has not only created a successful brand, he has curated a team we are honored and thrilled to work with as we scale this standout concept throughout the northeast."
This deal marks the first investment in Savory Fund III, which is a $200 million fund focused on the strategic growth of emerging restaurant concepts.
"I have met with hundreds of brands over the years, and deciding what concept to invest in always comes back to its unique offering, its scalability, and the heart of its origin story," Taylor DeHart, principal at Savory, said in the release. "We are a founder-driven investment company, and we are thrilled to welcome Amir and the South Block team to the Savory family."
Savory is a private equity firm that combines over $750 million in assets under management.
