American Fork-based Four Foods Group, a restaurant development, investment and management company, has acquired The Soda Shop, an early-stage entrant in the growing specialty soda marketplace. The all-cash acquisition closed on Jan. 31 and terms were not disclosed. Soda Shop founders Chase Wardrop and Dylan Roeder will retain equity in the company and will serve as division presidents for the venture.
The announcement comes on the heels of FFG’s acquisition last fall of Salt Lake City’s R&R BBQ restaurants and its announcement of expansion of the brand throughout the West.
“Our philosophy of finding smart operators who need growth capital and proven restaurant management systems continues to pick up momentum,” said Andrew K. Smith, FFG CEO. “We want partners who have skin in the game, both financially and from an operations perspective, and we’ve proven it’s a formula that leads to growth and success.”
FFG has described itself as a restaurant concept investment incubator and said the FFG and Soda Shop partnership is a good example of how this approach creates opportunities. While participating in a lecture series with young entrepreneurs at Brigham Young University, Smith met Wardrop and Roeder. The two then-BYU students had signed up for an hour session with Smith to get advice on becoming entrepreneurs while starting their first venture. That relationship led to the current business relationship.
“Chase and Dylan have all the qualities an entrepreneur needs to be successful and they are the type of partners I want while scaling this new venture,” said Smith. “They work hard, have passion for their brand, are sponges when discussing future strategy and improvements to make within the brand and they never give up. That’s why The Soda Shop is where it is today.”
“Andrew has been so generous with his time and knowledge while we were getting our business concept developed and launched,” said Wardrop. “This next step of really growing The Soda Shop is going to be a great ride.”
“We already have more than a half-dozen sites we are looking at securing for our growth this year and this investment will let us put our foot on the gas pedal right now,” added Roeder. “We are really looking forward to being part of Four Foods Group as another company in their portfolio of brands.”The Soda Shop will focus immediate growth efforts in Arizona and Las Vegas, Wardrop said.