Swig, a quickly growing beverage chain based in Utah, announced Tuesday that the Larry H. Miller Company acquired a majority stake in the business.
Terms were not disclosed.
The family office purchased its share from Savory Fund, a food and beverage investment firm that’s owned Swig since 2018. As part of the transaction, founder Nicole Tanner and partners Chase Wardrop and Dylan Roeder kept their minority stakes.
“I’ve always known Swig is special,” Tanner said in a statement. “I’ve seen its impact not only in the incredible growth but also in the faces of the customers who come through our drive-thru every day. We have become a part of people’s lives and their hearts. Our partnership with Savory transformed Swig’s trajectory. [Savory Fund founders] Andrew and Shauna Smith have been vital partners as we’ve scaled, and I’m thrilled they will remain a crucial ally as we join forces with the Larry H. Miller Company. It’s an honor to partner with Gail Miller, her family, and their impeccable team, and I can’t wait to see what our companies accomplish together.”
Tanner started Swig in St. George, Utah, in 2010. In the past two years, Savory Fund has helped the brand more than double its footprint to 45 shops. In 2023, the beverage concept expects to debut more than 25 corporate locations.
In October, the company revealed new CEO Rian McCartan, a former executive with See’s Candy, American Eagle, Williams-Sonoma, and Skechers. He will continue leading operations and growth, including a new multi-unit franchising opportunity that launched at the start of November.
“Since we initially invested over four years ago, Swig has become the undisputed leader in this redefined category of customized beverages. The success has been a result of a tremendous partnership with Nicole, Chase, Dylan, and the Swig and Savory Management teams,” Andrew Smith, managing partner and cofounder of Savory Fund, said in a statement. “We are excited to welcome the Larry H. Miller Company and look forward to continuing to support Rian McCartan and the rest of the Swig team as they bring this market-defining concept across the country.”
The Larry H. Miller Company operates in a variety of fields, including real estate, health care, finance, entertainment, sports, investments, and philanthropy. Starting in 2023, Swig beverages will be offered in the firm’s Megaplex Theatres. Both companies will accept refillable Swig tumblers and Megaplex Theatres mugs.
“Swig’s founders, and team, including the Savory Fund, have done an amazing job building this fast-growing brand,” Steve Starks, CEO of the Larry H. Miller Company, said in a statement. “We love Swig’s growth trajectory, best-in-class customer service, strong employee culture, and commitment to delivering positive guest experiences. We are excited to welcome the Swig team to the LHM Company and are excited to help accelerate its national expansion.”
With philanthropy being a core tenet for both sides, Tanner will remain the spokesperson for Swig’s nonprofit foundation, Save the Cups. As a breast cancer survivor, the restaurateur began the organization in 2020 as a way to spread awareness and help pay medical bills for those fighting the disease. Save The Cups raised $217,000 in October, bringing the three-year total to $550,000.
Arlington Capital Advisors served as exclusive financial advisor to Swig, with Mayer Brown LLP serving as legal advisor to both Swig and Savory Fund.