Craveworthy Brands, a restaurant portfolio company created earlier this year by Gregg Majewski, has announced its acquisition of Mongolian Concepts. The deal is expected to close soon.
Majewski — former Jimmy John’s CEO and Mongolian Concepts CEO – led the acquisition of the company from its previous owners, CMG Companies. The formation of Craveworthy eliminates Mongolian Concepts.
With this deal, Craveworthy absorbs Genghis Grill, BD’s Mongolian Grill and Flat Top Grill into its company, which already includes Wing It On, Krafted Burger + Tap, Budlong Hot Chicken, and The Lucky Cat Poke Company. The three additional brands have more than 80 corporate-owned and franchised locations among them.
According to the company, no job eliminations are expected from the deal, while further brand acquisition, franchise growth and concept development is expected.
“There’s decades of success infused into Craveworthy Brands and it stems from the talented team we’ve assembled,” Majewski said in a statement. “We’re uniquely qualified to invigorate and supercharge legacy brands while nurturing and growing emerging brands. This transaction represents a key acquisition and adds iconic restaurant brands with talented team members into our portfolio.”
To support the formation the Craveworthy Brands portfolio, Majewski partnered with the newly-created merchant banking division of FG Financial Group. Legal counsel to Mongolian Concepts in the transaction was Wiggin and Dana LLP. Craveworthy was represented in the deal by Momkus LLP.
This announcement marks the latest acquisition in the industry in a somewhat busy 2023. Most recently, Garnett Station Partners’ acquired Firebirds Wood Fired Grill. Other deals include 1000 Degrees’ acquisition of My Pie Pizza, Mighty Quinn’s investment in Slows Bar BQ and Xperience Restaurant Group’s acquisition of Rio Mambo Tex Mex y Mas and The Rim.
Contact Alicia Kelso at [email protected]