Savory Fund-owned Swig — the drive-thru customized “dirty soda” concept based in Salt Lake City, Utah — announced Tuesday that real estate and entertainment investment company, the Larry H. Miller Company, has acquired a majority stake in the brand, though terms of the transaction were not disclosed. This news comes on the heels of the announcement that Swig named a new CEO, former See’s Candy executive, Rian McCartan, last month.
Private equity firm, Savory Fund, Swig founder Nicole Tanner, and partners Chase Wardrop and Dylan Roeder will retain minority stakes in the business as Swig’s new owners hope to develop the concept in new regions nationally. Swig is slated to reach 46 locations by the end of 2022, with 25 corporate locations scheduled to open next year.
“Since we initially invested over four years ago, Swig has become the undisputed leader in this redefined category of customized beverages,” Andrew K. Smith, managing partner and co-founder of Savory Fund said in a statement. “[…] We are excited to welcome the Larry H. Miller Company and look forward to continuing to support Rian McCartan and the rest of the Swig team as they bring this market-defining concept across the country.”
The Larry H. Miller Company also committed to introducing the Swig concept to the LHM Megaplex Theatres in their portfolio.
“Swig’s founders, and team, including the Savory Fund, have done an amazing job building this fast-growing brand,” Steve Starks, CEO of the LHM Company said in a statement. “We love Swig’s growth trajectory, best-in-class customer service, strong employee culture, and commitment to delivering positive guest experiences. We are excited to welcome the Swig team to the LHM Company and are excited to help accelerate its national expansion.”
Arlington Capital Advisors served as exclusive financial advisor to Swig, with Mayer Brown LLP serving as legal advisor to both Swig and Savory Fund.
Contact Joanna Fantozzi at [email protected]
Follow her on Twitter: @JoannaFantozzi
