Mo’ Bettahs announced Tuesday that it received a majority investment from private equity firms Blue Marlin Partners and Trive Capital.

The companies purchased their majority stake from Savory Fund, which acquired Mo’ Bettah’s in 2017 and grew it from six to 56 locations across seven states. Terms of the deal weren’t disclosed.

“Mo’ Bettahs is — and always will be — one of my favorite investments we’ve ever made because of the people,” Andrew Smith, managing director of Savory, said in a statement. “We love the culture that Kimo and Kalani Mack created 16 years ago, we love the food that they share as if you are in their own backyard in Hawaii, and we couldn’t be prouder of the partnership we’ve formed. Over the past seven years, they’ve become like brothers to us all, and we’re excited to welcome Blue Marlin Partners and Trive Capital into the Mo’ Bettahs ohana.”

Mo’ Bettahs was founded in 2008 in Bountiful, Utah, by Hawaii-born brothers Kimo and Kalani Mack, who still retain minority ownership. Over the last three years, its revenue has grown 178 percent, and its loyalty subscriber base has reached nearly 500,000 members. Same-store sales have grown positively as well.

“We never planned on owning a restaurant — let alone almost 60 of them. 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,” Kimo and Kalani Mack said in a statement. “We wouldn’t be here without our Savory partners, Andrew and Shauna Smith. They have been by our side at every step of growth, all while respecting and honoring our experience and heritage. We are honored to continue the journey with them as we welcome Blue Marlin and Trive to the Mo’ Bettahs’ fold. Their partnership will enable us to share good food and ‘spread da aloha’ across the mainland for years to come.”

Rob Ertmann joined as president in 2021 when the company had 22 stores in two states. He was announced as new CEO in September 2022.

He noted that Mo’ Bettahs has doubled in size during his tenure, but that “the heart of the brand has always remained the same” thanks to partners like Savory.

“I’m confident Blue Marlin and Trive will only add to that synergy, and our team can’t wait to get started on bringing authentic Hawaiian cuisine to more neighborhoods, friends, and families,” Ertmann said in a statement.

Blue Marlin Partners, based in Washington, D.C., invests in established middle-market businesses looking to grow significantly. The firm has deployed over $750 million of capital across 29 platform investments. The Dallas-based Trive Capital focuses on investing equity and debt in strategically viable middle-market companies that have transformational potential via operational improvements. It has more than $7 billion of regulatory assets under management.

“Mo’ Bettahs has established itself as the leader in the Hawaiian category, as well as one of the most exciting fast casual brands in the market with its high-quality food and authentic dining experience that harkens back to Kimo and Kalani’s days growing up in Hawaii,” Peter Kirsch, founder and managing partner of Blue Marlin, said in a statement. “We are excited to build on the brand’s significant momentum and share the aloha with guests across the country.”

Serial investor Savory is also involved in Swig, R&R BBQ, PINCHO, Via 313 Pizzeria, Houston TX Hot Chicken, 86 Repairs, Saigon Hustle, Hash Kitchen, The Sicilian Butcher, and South Block.

Harrington Park Advisors served as exclusive financial advisor to Mo’ Bettahs, and Mayer Brown served as legal advisor to Mo’ Bettahs and Savory Fund. Benesch served as legal advisor to Blue Marlin. Gibson Dunn served as legal advisor to Trive Capital.

Emerging Concepts, Fast Casual, Growth, Story, Mo' Bettahs