Savory’s investment forms a 51/49 percentage partnership with Hash Kitchen’s ownership – celebrity chef Joey Maggiore, his wife Cristina, and partner Flora Tersigni of The Maggiore Group.
“We intend to amplify the Hash brand by melding its strengths into Savory’s growth and scale playbook, thereby creating synergies and unleashing its inherent potential,” says Andrew Smith, co-founder of the Savory Fund.
The Savory Fund provides financial capital, industry expertise, revenue opportunities, profitability enhancements and new location development to high-potential, emerging restaurant brands. It is managed by Andrew Smith and Greg Warnock of Mercato Partners, a Utah-based private equity firm.
Founded in 2015, Hash Kitchen fuses breakfast comfort items like pancakes, French toast and breakfast burritos with Instagram-worthy wall art and an upbeat vibe that includes rotating guest DJs on the weekends. The restaurant’s signature build-your-own Bloody Mary bar allows guests to customize their cocktails with house-made mixes, house-infused spirits and more than 50 craft toppings.
Hash Kitchen currently operates five Valley locations, in north Scottsdale, Gainey Ranch, Arcadia, Chandler and Peoria. According to Joey Maggiore, the plan is to open 25 new locations in the next four years across five or six different states. The exact locations are yet to be determined.
According to a press release, Joey Maggiore and The Maggiore Group will remain involved in operations, working with the Savory Fund team to integrate its platform. Three members of the Savory executive team will join Hash Kitchen’s Board of Directors.
For the celebrity chef, it’s always been a dream to take a brand to the national level.
“This is an amazing opportunity with an amazing group,” says Maggiore. “They are the Michael Jordan of the restaurant biz.”
Maggiore says he initially considered selling his interest in Hash Kitchen, but decided to team with the savory fund so he could stay involved with his creation.
“We are really excited that Savory has recognized the potential in Hash Kitchen and is going to work side-by-side with our team to bring our unique brand of social dining experiences to a wider audience,” Maggiore says.
The Maggiore family is well-known in the Valley restaurant scene. Joey’s parents founded Tomaso’s Italian Restaurant on Camelback, operating it for 45 years before Joey’s father, Tomaso Maggiore, died earlier this year. Tomaso’s Italian Restaurant is currently operated by Joey and his sister Melissa, who recently opened her own concept, The Italian Daughter, in north Scottsdale.
For Maggiore, his next move will be to open The Mexicano on December 2 in the former Salty Sow building near Paradise Valley Mall. Maggiore says the Mexico City-inspired eatery will feature a do-it-yourself michelada bar. A michelada is a Mexican beverage with beer, lime juice, assorted sauces, spices, tomato juice, and chili peppers, and served in a chilled, salt-rimmed glass.