October 22, 2024

Trive Capital and Blue Marlin Partners Acquire a Majority Stake in Mo’ Bettahs from Savory Fund

LEHI, Utah
Mo' Bettahs

 

Trive Capital (“Trive”) and Blue Marlin Partners (“Blue Marlin”) have acquired a majority share of Mo’ Bettahs Hawaiian Style Food (“Mo’ Bettahs” or the “Company”) from Utah based and restaurant focused growth equity firm Savory Fund (“Savory”). Savory will maintain a minority stake in the Company but terms of the transaction were otherwise not disclosed.

Mo’ Bettahs was founded in 2008 by Hawaiian brothers Kimo and Kalani Mack to bring the traditional Hawaiian plate lunch family recipes the Mack brothers grew up eating on Oahu to guests on the mainland. The menu offers an array of authentic, boldly flavored, freshly grilled or fried proteins like teriyaki chicken and steak, kalua pig, pulehu chicken, katsu chicken, and shrimp tempura. The proteins are served with white rice and macaroni salad and a delicious range of sauces and sides, including spam musubi.

Savory acquired Mo’ Bettahs in 2017 and has grown the Company from 6 to 55 locations across seven states. “Savory has been a tremendous partner through this chapter of our growth, and we’re thrilled to have them remain a part of our ohana going forward,” Mo’ Bettahs Chief Executive Officer Rob Ertmann said. “We are also excited to welcome Blue Marlin and Trive as new partners as we continue to scale and begin this next phase of our incredible journey.”

“Blue Marlin has developed an expertise investing in high quality concepts with clear, authentic brand images and an obsessive focus on customer service,” Blue Marlin Managing Partner Peter Kirsch said. “We, along with Trive, are thrilled to partner with Kimo, Kalani, Rob and the team to help Mo’ Bettahs continue its fantastic growth. The Company has established itself as one of the most exciting fast casual brands in the market and is a clear leader in the Hawaiian category.”

Chris Zugaro, Partner at Trive, said “Rob, Kimo, and Kalani have done an incredible job building and expanding the Mo’ Bettahs brand and delivering an authentic Hawaiian experience to their customers. We look forward to partnering with the Company to support our next phase of growth.”

Harrington Park Advisors served as exclusive financial advisor to Mo’ Bettahs. Mayer Brown served as legal advisor to Mo’ Bettahs and Savory Fund.

Berkeley Research Group served as exclusive financial advisor to Blue Marlin and Trive. Benesch, Friedlander, Coplan & Aronoff served as legal advisor to Blue Marlin. Gibson Dunn served as legal advisor to Trive.

About Mo’ Bettahs

Brother Kimo and Kalani Mack founded Mo’ Bettahs in Bountiful, Utah in 2008. The brothers’ shared goal was to use the Hawaiian plate lunch as a means to transport mainland guests to an authentic island experience like the ones they had growing up in Oahu. Mo’ Bettahs now operates 55 locations in Utah, Idaho, Texas, Oklahoma, Kansas, Missouri, and Nevada. For more information, visit www.mobettahs.com.

About Blue Marlin Partners

Blue Marlin Partners is a Bethesda, Maryland based private equity firm that has, together with strategic partners, deployed more than $700 million of capital in [29] platform investments. Blue Marlin invests on behalf of a network of high net worth operators, individuals, or single family offices that are all part owners of Blue Marlin and have distinct expertise in a particular vertical or industry. Blue Marlin’s investment team leverages its diligence and investors’ expertise to create value for its portfolio companies. For more information, visit https://www.bluemarpartners.com.

About Savory Fund

Savory Fund is an innovative private equity firm that combines over $750 million in assets under management with a growth and scale playbook and expertise that has been developed over more than 16 years of operating in the restaurant industry. Savory partners with high-potential, profitable, emerging restaurant brands, to deliver financial capital, industry expertise, growth and revenue opportunities, profitability enhancements and new location development. The Savory team contributes directly to all aspects of growth and replication by using a proven playbook and methodology. Founder involvement in the expansion of a brand is a central theme of the Savory approach as founders carry the tribal knowledge around the uniqueness that has energized early success and is essential to future growth. The Savory Fund has invested in 11 brands: Swig, R&R BBQ, Pincho, Via 313 Pizzeria, Mo’ Bettahs Hawaiian Style Food, 86 Repairs, Saigon Hustle, Hash Kitchen, The Sicilian Butcher, Houston TX Hot Chicken, and South Block. For more information, visit SavoryFund.com.


About Trive

Trive Capital is a Dallas, Texas based private equity firm with more than $8 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.

The Trive team is comprised of seasoned investment professionals who have been involved in over 250 middle-market transactions representing in excess of $10 billion in revenue across Trive’s targeted industry sectors and situations.

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