Mercato Partners Closes Second Savory Fund at $100M
Mercato Partners has closed
Savory Fund II, its second investment vehicle devoted exclusively to backing emerging restaurant concepts, raising $100 million of commitments. The closing of Fund II builds upon the early success of the firm’s inaugural vehicle, which closed on $100 million of commitments in October 2020.
Limited partners in the fund consist of both existing and new investors, including institutional investors, family offices, and financial services and advisory firms. Savory’s investment strategy focuses on partnering with food and beverage brands looking to expand beyond their founding region. The fund is managed by general partners
Savory Fund II builds upon the previous funding success of the first round in October 2020
Growth equity firm Mercato Partners announced Wednesday the closure of the $100 million second round of Savory Fund, which backs “emerging and profitable” restaurants with the funds needed to boost and expand their brands. Savory Fund II is closing on the heels of its first round, which closed in October 2020.
The second Savory Fund which is being managed by General Partners Andrew K. Smith and Greg Warnock and backed by 65 industry professionals aims to partner with six to eight new fast-casual and casual-dining restaurant brands that are “proven, profitable food and beverage brands” looking to expand and build upon their brand and geographic reach, with goals of scaling up from three to nine locations up to 40-50 locations around the country.
LA City Council Delays Vote to Designate Taix Restaurant as an Historic Monument
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The struggle over the future of Taix Echo Park’s enduring old-school French restaurant and bar reached a new stage this week. On Wednesday, the Los Angeles City Council’s delayed a vote to add the restaurant to the city’s historic-cultural monuments program. What’s at stake is the demolishment of the nearly 60-year-old building and replacing it with a brand new retail and residential structure.
The Eastsider reports that Taix’s landmark nomination was recently modified to preserve two outdoor signs and the interior’s wooden bar top. That doesn’t include the actual building, which owner Mike Taix sold to a developer three years ago. The former owner does not want the landmark status. It’s unclear what councilmember Mitch O’Farrell hopes to accomplish by delaying the vote until June 2.
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The Rubio’s brand is all about adventure. So says Rubio’s Coastal Grill co-founder Ralph Rubio , who first brought Baja-style fish tacos to the masses in San Diego in the early ‘80s.
Inspired by his spring break trips to Baja as a college student, Rubio wanted to share the culture and cuisine with his hometown of San Diego. He opened the first Rubio’s in Pacific Beach in 1983, and since then, he’s expanded his empire to include more than 200 locations offering the original award-winning fish taco.
“When you think about the brand, it started on the notion of adventure,” Rubio said. “My trips down to Baja, surf trips or just exploring the Sea of Cortez . we’ve always been based in adventure.”
Youth golf organization to hold virtual gala
Pro Kids-First Tee, San Diego is set to host a virtual fundraising gala on June 12 that will feature former PGA Tour Pro Chris Riley and Peak Performance Consultant Dr. Jay Brunza. The virtual gala, “Always OPEN: A Celebration of Pro Kids,” will celebrate the organization’s resilience and perseverance over the past year when Pro Kids continued to provide resources, support and connection. Guests will have a virtual opportunity to hear from the organization’s leaders, the youths of Pro Kids, and these special guests. Local guests have the option of having food and wine delivered to enjoy during the event as well. Pro Kids-First Tee, San Diego was founded in 1994 by former San Diego Charger Ernie Wright with the idea that teaching underserved youths how to play golf could help develop skills needed for success in school and life. The not-for-profit agency now has locations in Oceanside and City Heights. Visit thefirstteesandiego.org