Street Food vendor Hawkers receives reinforced board leadership
In a strategic move, private equity firm Savory Fund has recently acquired Hawkers Asian Street Food. This acquisition comes after Hawkers successfully emerged from Chapter 11 bankruptcy earlier this year.
The new board of Hawkers Asian Street Food is a powerhouse of experienced restaurant industry leaders, including Barry McGowan, CEO of Fogo de Chao, who has been with the company since 2013, serving as its president since 2019. Joining McGowan is Chris Tomasso, CEO of First Watch, who brings over 30 years of leadership experience to the table.
Kaleb Harrell, co-founder and CEO of Hawkers, remains on the board, ensuring a strong connection to the brand's roots. Andrew Smith, Managing Director of Savory, and Taylor DeHart, a principal with Savory, are also part of the new board.
What unites these board members is a shared belief in the potential of the Hawkers Asian Street Food brand. According to Smith, the brand boasts impressive margins, sales, and traffic, beating the odds in the industry.
Hawkers currently operates 15 locations, with each averaging approximately $4.6 million in revenues per year. The new board aims to support the brand's expansion and stability within a strategic partnership framework led by Savory Fund.
Prior to his role at First Watch, Tomasso worked with prominent chains like Cracker Barrel and Hard Rock Café. DeHart's expertise lies in identifying and executing growth opportunities for Savory's portfolio companies.
The new board members were selected for their expertise, alignment with Hawkers' mission, culture, and trajectory. Each member brings unique strengths to the table, working together to guide Hawkers' future growth and development.
Savory Fund's approach emphasises augmenting existing systems, people, and processes rather than completely overhauling them, aiming to make the business more financially sound quickly. This strategic partnership is set to propel Hawkers Asian Street Food towards a promising future.
- The new board members, including Barry McGowan from Fogo de Chao and Chris Tomasso from First Watch, bring considerable experience in the restaurant finance and food-and-drink business, which aligns with Hawkers Asian Street Food's mission and trajectory.
- With a shared belief in the potential of the Hawkers Asian Street Food brand, the new board, under Savory Fund's strategic partnership, aims to support the brand's expansion and financial stability, seeking to enhance its lifestyle offerings while ensuring the brand's roots remain strong.
