A $750 Million Fund That Invests In Emerging Food Brands | Andrew Smith | Savory Fund | Ep 56

In this episode of "Funds that Won," host Andrew Smith from Savory Fund shares insights into his firm's approach to investing in the dynamic food and beverage industry. Savory focuses on acquiring a majority stake (51-60%) in well-established, cash-generating brands that have 5-15 locations. They then inject capital and offer operational expertise to help these brands expand to 50-70 units, eventually paving the way for a sale to a larger company. With three funds under management totaling around $750 million, Savory has delivered strong results, including an impressive 2.68x multiple on invested capital and a 28.9% net internal rate of return for their first fund. Andrew stresses the value of disciplined investing, prioritizing long-term consumer habits over fleeting trends and actively managing portfolio companies to ensure optimal growth and returns.