Savory Fund sells Mo’ Bettahs to pair of out-of-state private equity firms

Mo’ Bettahs Hawaiian Style Food, a fast-growing fast-casual restaurant chain, has been acquired by a pair of national private equity firms. Lehi-based Savory Fund sold the 54-location chain to Blue Marlin Partners of Bethesda, Maryland, and Trive Capital of Dallas. Both Savory Fund and Mo’ Bettahs’ founding brothers Kimo and Kalani Mack will retain significant minority stakes.

Mo’ Bettahs was founded in 2008 in Bountiful by the Hawaii-born Mack brothers. In 2017, it was acquired by Savory Fund, a private equity firm that invests in emerging restaurant concepts. Since the Savory Fund acquisition, the chain has grown from six stores to 56 restaurants in seven states.

“Mo’ Bettahs is — and always will be — one of my favorite investments we’ve ever made because of the people,” said Andrew K. Smith, managing director of Savory Fund. “We love the culture that Kimo and Kalani Mack created 16 years ago, we love the food that they share as if you are in their own backyard in Hawaii, and we couldn’t be prouder of the partnership we’ve formed. Over the past seven years, they’ve become like brothers to us all, and we’re excited to welcome Blue Marlin Partners and Trive Capital into the Mo’ Bettahs ‘ohana.’”

“Mo’ Bettahs has established itself as the leader in the Hawaiian category, as well as one of the most exciting fast-casual brands in the market with its high-quality food and authentic dining experience that harkens back to Kimo and Kalani’s days growing up in Hawaii,’ said Peter Kirsch, founder and managing partner of Blue Marlin. “We are excited to build on the brand’s significant momentum and share the 'aloha' with guests across the country.”

Chris Zugaro, partner at Trive, said, “Kimo, Kalani and CEO Rob Ertmann 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 its next phase of growth.”

“I’ve seen Mo’ Bettahs more than double in size during my time here, but thanks to good partners like Savory, the heart of the brand has always remained the same,” said Ertmann, who joined the brand in 2021 when it had 22 stores in two states. “I’m confident Blue Marlin and Trive will only add to that synergy, and our team can’t wait to get started on bringing authentic Hawaiian cuisine to more neighborhoods, friends and families.”

Ertmann said that over the past three years, Mo’ Bettahs’ revenue has grown 178 percent, and its customer loyalty program Makana’s subscriber base has reached nearly 500,000 members.

“We never planned on owning a restaurant — let alone almost 60 of them. We were two city bus drivers from Hawaii who knew how to cook, how to eat and how to work, but the way our lives have unfolded is beyond anything we could have imagined,” said Kimo and Kalani Mack in a statement. “We wouldn’t be here without our Savory partners, Andrew and Shauna Smith. They have been by our side at every step of growth, all while respecting and honoring our experience and heritage. We are honored to continue the journey with them as we welcome Blue Marlin and Trive to the Mo’ Bettahs fold.”

Terms of the transaction were not disclosed.