Craveworthy Brands has assembled a (still growing) platform of about 15 U.S.-born brands to operate and franchise. Now the Chicago-based company is planning to bring in international franchise brands.
The platform company on Thursday announced a joint venture with merchant bank New Summit Capital Advisors to create Global Taste Brands, which will serve as a master franchisee to introduce quick-service and fast-casual brands from China and elsewhere around the globe.
Led by CEO Gregg Majewski, Craveworthy operates and franchises BD’s Mongolian Grill, the Dirty Dough cookie chain, Krafted Burger Bar + Tap, Wing It On and the most recently acquired Taim Mediterranean Kitchen and Hot Chicken Takeover.
The new Global Taste Brands will operate as sort of a platform-within-a-platform—with Craveworthy as the managing partner—to bring new international brands into the mix.
First up will be a 600-unit fast-casual concept out of China, but Majewski said he’s not ready to reveal details.
“We’re also talking to one in Brazil and a couple of others from China,” he said.
Majewski said New Summit has mostly worked in the retail and real estate space. This will be a first step into restaurant franchising.
“They’re a newer fund that’s getting into and exploring food channels,” Majewski said.
Seth Williams, managing partner of New Summit, in a statement, said, “New Summit is thrilled to partner with Craveworthy, which has built a unique and powerful F&B brand launch platform. We’ll leverage Craveworthy’s capabilities along with our deep knowledge of international commercial real estate and the consumer landscape to bring best-in-class global chain restaurant brands to the U.S. and other markets. We’ll introduce the spirit of craftsmanship found across Asia and other rich cultures to the American audience by providing unmatched cuisine with carefully curated experiences.”
Meanwhile, Craveworthy is continuing to grow its own stable of U.S. brands through acquisition.
Majewski said two more brands are expected to be added to the fold next week, though he declined to offer details until the deals close.
Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.