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- Mo' Bettahs Hawaiian Style Food, a Utah-based restaurant chain, has been acquired by private equity firms Blue Marlin Partners and Trive Capital.
- The acquisition is anticipated to fuel further expansion after Mo' Bettahs already grew to 56 locations across seven states since its initial establishment in Bountiful in 2008.
- The Mack brothers, founders of Mo' Bettahs, retain a minority stake alongside Savory Fund, which had acquired a majority stake in 2017.
LEHI — Mo' Bettahs Hawaiian Style Food has already expanded quite a bit since two brothers opened their first restaurant in Davis County nearly two decades ago.
There are now dozens of locations scattered across Utah, Idaho, Kansas, Missouri, Nevada, Oklahoma and Texas after it was acquired by Savory Fund, a Lehi-based firm with a stake in a few of the state's popular food chains, in 2017.
However, Mo' Bettahs is poised for further expansion now as its majority ownership changes hands yet again. Savory Fund officials announced Tuesday they've reached an agreement to sell its majority stake in the brand to Blue Marlin Partners and Trive Capital, a pair of private equity firms based in Bethesda, Maryland, and Dallas, respectively.
Terms of the deal were not disclosed, but Savory Fund said it and the brand's founders — Kimo and Kalani Mack — will retain "significant minority stakes" in the company. The acquisition is expected to fuel additional expansion as the brand "enters its next stage of growth," according to the companies involved.
"We are excited to build on the brand's significant momentum and share the aloha with guests across the country," added Peter Kirsch, founder and managing partner of Blue Marlin, in a statement.
Mo' Bettahs dates back to when the Macks — who moved to Utah from Hawaii — opened their first location in Bountiful in 2008. They wrote on their website that they aimed to provide locals with a taste of their native island of Oʻahu, crediting their mother and aunts for inspiring the Hawaiian island barbeque they served.
The restaurant was a hit, as the brand grew to six locations by the time Savory Fund acquired majority stake in 2017. It's exploded on the market since then, expanding to 56 locations across seven states, including over a dozen locations all over Utah.
Most of its growth took place after Rob Ertmann took over as CEO in 2021. Its revenue jumped 178% over the past three years, while nearly 500,000 people have joined its rewards club, according to the company.
It also garnered acclaim from peers, landing at No. 46 in Fast Casual's Top 100 Movers and Shakers — a list recognizing emerging leaders in the fast-casual industry — in 2023.
The chain now shifts hands to a pair of companies that plan to build on that growth, which may mean introducing Mo' Bettahs to new markets.
Blue Marlin Partners markets itself as a firm of "established middle-market businesses looking to substantially grow and realize shareholder value." Similarly, Trive Capital says it seeks "viable middle-market companies with the potential for transformational upside through operational improvement." Combined, the two hold billions of dollars through various assets.
Ertmann said he believes the companies will build on the "synergy" that Savory Fund brought, allowing "the heart of the brand" to remain "the same" through all its recent growth.
The Macks, who were bus drivers at the time they hatched Mo' Bettahs, said they are also excited about what's next for the company they started. In a joint statement, they said they never imagined how successful it would become in 16 years.
"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," they said, thanking their past and future business partners. "(Blue Marlin's and Trive's) partnership will enable us to share good food and 'spread da aloha' across the mainland for years to come."
The sale is the latest from Savory Fund, which also sold its majority stake in Swig to the Larry H. Miller Company in 2022. Despite those moves, it still holds at least a portion of 11 brands, including Swig and Mo' Bettahs, as well as others like R&R BBQ, Via 313 Pizzeria and Houston TX Hot Chicken.
