Fast-casual platform company Craveworthy Brands has acquired Taim Mediterranean Kitchen and Hot Chicken Takeover parent company Untamed Brands, Craveworthy Brands CEO Gregg Majewski told Nation’s Restaurant News exclusively. Fiscal terms of the deal were not disclosed.
This is the second acquisition Craveworthy Brands has announced in the past week, following the purchase of Sigri Indian BBQ, a concept founded in New Jersey in 2015 by Jagat Parikh with guidance from chef Aarthi Sampath.
“Taim and Hot Chicken Takeover are beloved concepts with long histories of serving high-quality cuisine and providing excellent service,” Majewski said. “They bring a fresh perspective and complement our existing portfolio extremely well, which allows us to cater to diverse consumer preferences and truly tap into new markets.”
Untamed Brands was formed as an investment company in up-and-coming fast-casual brands by former Chipotle and Noodles & Company executive Phil Petrilli. The company’s first brand was New York City-based build-your-own bowl concept, Taim, and was soon followed by the acquisition of Columbus, Ohio-based spicy fried chicken concept Hot Chicken Takeover. The latter concept is well-known for its social justice-oriented roots, as most of its employees are formerly incarcerated or homeless.
"Craveworthy is a wealth of experience in nurturing emerging restaurant brands and implementing scalable strategies,” Petrilli said in a statement. “Combining our strengths and shared commitment to culinary innovation, hospitality and elevating guest experiences, this will be an exciting, new chapter for Taim and Hot Chicken Takeover.”
With the latest acquisition, Craveworthy Brands adds 20 restaurant locations to its portfolio (including 13 Taim locations and seven Hot Chicken Takeover locations). Taim will be “seamlessly integrated” with Soom Soom—a similar Mediterranean concept that was already owned by Craveworthy Brands. Hot Chicken Takeover, meanwhile, will create a “fresh hot chicken concept” with Craveworthy brand Budlong.
With this new synergy in mind, both Taim and Hot Chicken Takeover will “feature new branding, refreshed restaurant designs and further emphasize the guest dining experience in the coming future.” Both brands will also receive customized franchise programs under the Craveworthy umbrella and will focus on long-term growth initiatives.
"Successfully integrating Taim and Hot Chicken Takeover will be a game-changer for Craveworthy Brands and place the Company at the helm of the restaurant landscape, as we continue to expand our footprint and presence throughout the U.S.,” Majewski said.
Harrington Park Advisors served as exclusive financial advisor and DLA Piper served as legal counsel to Untamed Brands for the deal.
Contact Joanna Fantozzi at [email protected]
