Private equity firm Savory Fund has announced its 10th emerging brand investment — acquiring a majority interest stake in Joey Maggiore concept, The Sicilian Butcher. This is the second investment Savory Fund has made in a Maggiore brand, following the $20 million investment in Hash Kitchen in Nov. 2021. This time around, Savory Fund is allocating up to $30 million for the meatball and charcuterie brand, as well as its sister concept, the Sicilian Baker.
“I have always had a strong affinity for the Italian food segment, and it has taken time to find the right concept ready for national expansion,” Andrew K. Smith, managing partner and cofounder of Savory Fund said in a statement. “The Sicilian Butcher is the best all-around concept poised for scale. Investing behind Joey’s abilities to create one-of-a-kind experiences is a win-win. I have never met someone like him in the industry. I’m honored to partner with him again.”
Founded in 2018, the Sicilian Butcher’s unique three-unit, Arizona-based concept is known for its family-style meat and cheese platters, bruschetta boards, and build-your-own meatball platters. The Sicilian Baker’s three locations are attached to each Sicilian Butcher restaurant and offer up a cannoli bar, Pasticceria, and homemade gelato.
“Savory just started speaking with an Italian accent!” co-owner Joey Maggiore said in a statement. “The time for The Sicilian Butcher to explode is now. I can’t wait to have my father Tomaso’s legacy all over the country. He would be so honored.”
Husband and wife team, Joey and Christina, will remain involved in the development of the brands, while Josh Boshard, COO of Savory Management; Greg Warnock, managing director at Savory Fund; and Andrew Smith, managing director at Savory Fund, will join The Sicilian Butcher board of directors.
“Experiencing a Maggiore restaurant is like experiencing your first time in Italy — it’s classic, authentic, fresh, and electric,” Josh Boshard, COO of Savory Management said in a statement. "When you experience a Maggiore restaurant, you find a way to partner with them. And after you partner with them, you find a way to partner with them again. After the success of Hash Kitchen, we can’t wait for The Sicilian Butcher to join the Savory family.”
Moving forward, the Maggiore and Savory team hopes to rapidly expand The Sicilian Butcher into new markets including the Dallas, Houston, and San Antonio markets in Texas, as well as Las Vegas, with a long-term goal of opening 20 units over the next four years.
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