WASHINGTON BUSINESS JOURNAL: Savory Fund, a Miami private equity firm, is getting a taste of the local smoothie and juice scene with an investment in Arlington-based South Block.
It represents first deal in the fund’s $200 million investment vehicle, which is looking to take on ownership stakes in novel restaurant concepts across the country.
Neither Savory nor South Block disclosed the size of the investment, saying only that the funds would be used to help accelerate South Block’s expansion.
South Block, which also offers acai bowls and other nutritional foodstuffs, has 14 locations in D.C., Maryland and Virginia and is aiming to have as many as 50 in the coming years, CEO and founder Amir Mostafavi told the Business Journal’s Dan Sernovitz last year.
“When seeking a partnership to accelerate our growth, we knew we couldn’t compromise our core values,” Mostafavi said in a press release announcing the investment. “Savory stood out because of their focus on founders’ vision and their dedication to culture. Our teams have blended so well from the start. We couldn’t be more excited about the jobs we are going to create, and the positive impact we are committed to cultivating on every block we become a part of.”
Mostafavi, who opened the first South Block location on Washington Boulevard in Clarendon, could not be reached for additional comment as of press time. He has previously declined to disclose how much funding South Block looked to take on from private equity investors.
In a statement, Andrew K. Smith, managing partner and co-founder of Savory, added: “Their menu is healthy without being intimidating, their systems are effective and sound, and their devoted following is incredible to watch. Amir has not only created a successful brand, he has curated a team we are honored and thrilled to work with as we scale this standout concept throughout the northeast.”
