The private equity firm will invest up to $30 million as part of the agreement.
The $200 million Savory Fund announced Wednesday that it purchased a majority stake in The Sicilian Butcher, a three-unit elevated Italian concept based in Arizona.
The 5-year-old chain is known for its hand-rolled meatballs, scratch-made spaghetti, and Sicilian-style charcuterie platters, which reach 5-feet long. Housed under The Sicilian Butcher's banner is The Sicilian Baker, a concept offering a variety of pastries and a make-your-own canoli bar. As part of the agreement, Savory Fund will invest up to $30 million in these two brands. Both emerging chains fall under the Maggiore Group, run by married couple Joey and Cristina Maggiore and their business partner, Flora Tersigni.
“Savory just started speaking with an Italian accent!” 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.”
The multi-million-dollar funds will be used to unify operations and fuel expansion in new markets, like Dallas, Houston, San Antonio, and Las Vegas. Savory Fund expects to open almost 20 units in the next four years. The investment is a follow-up to last year, when the firm put $20 million into the Maggiore Group's Hash Kitchen, a five-unit brunch concept with an expansive Bloody Mary bar.
Savory Fund's philosophy is that founders must play a "central theme" in growth efforts, so the Maggiore Group will remain involved in development of the brand. 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, alongside Joey Maggiore and Tersigni.
“I have always had a strong affinity to the Italian food segment, and it has taken time to find the right concept ready for national expansion. The Sicilian Butcher is the best all-around concept poised for scale,” Smith said in a statement. “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.”
Boshard described Maggiore's restaurant as "experiencing your first time in Italy."
"It’s classic, authentic, fresh, and electric,” Boshard 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.”
Since its inception, Savory Fund has invested in 10 brands across food and beverage operations, including Swig, R&R BBQ, Pincho, Via 313 Pizzeria, The Crack Shack, Mo’ Bettahs, 86 Repairs, Saigon Hustle, Hash Kitchen, and now The Sicilian Butcher.