Craveworthy Brands, a multi-brand platform company launched earlier this year, has announced an agreement to acquire sister company Mongolian Concepts.
The move is not a total surprise.
Gregg Majewski is the founder and CEO of Craveworthy LLC, which was created in partnership with asset management holding company FG Financial Group Inc. Chicago-based Craveworthy Brands includes under its umbrella several young concepts, including the limited-service Wing It On and Budlong Hot Chicken, both of which were also acquired. Developed internally were two more brands: the full-service Krafted, and the virtual brand Lucky Cat Poke Co.
Majewski is also the CEO and the largest single shareholder of Mongolian Concepts, which is parent to Genghis Grill, Flat Top Grill and BD’s Mongolian Grill. Majewski, a former Jimmy Johns exec who was named CEO of Mongolian Concepts in 2021, also led the acquisition of that company from its previous owners.
When the deal is complete, after what is expected to be a short interim period, the three brands under Mongolian Concepts will be embedded into the Craveworthy Brands ecosystem, the company said. That will include more than 80 restaurants, both franchised and company owned.
No job eliminations are expected, “rather job creation, brand acquisition, concept development and franchise growth is anticipated across Craveworthy Brands,” the company said in a press release.
“There’s decades of success infused into Craveworthy Brands and it stems from the talented team we’ve assembled,” said Majewski 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.”
With the deal, CMG Companies, a multi-unit franchise operator based in Dallas, said it will exit from all three Mongolian Concept brands.
“We expect a bright future for all three brands with Gregg and his team behind them,” said Manish Patel, CMG Companies co-founder and principal, in a statement.
Legal counsel to Mongolian Concepts in the deal was Wiggin and Dana LLP. Craveworthy was represented by Momkus LLP.
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