Dallas-based private equity firm Trive Capital and Maryland-based Blue Marlin Partners have partnered to take a majority stake in Mo’ Bettahs Hawaiian Style Food from Savory Fund.

Mo’ Bettahs is a fast casual concept that serves what it calls “an authentic Hawaiian plate lunch.” Both Savory and Mo’ Bettahs’ founders will retain significant minority stakes. Terms of the deal were not disclosed.

Mo’ Bettahs was founded in 2008 in Bountiful, Utah, by Hawaii-born brothers Kimo and Kalani Mack.

In 2017, it was acquired by Savory Fund, a private equity firm that invests in emerging restaurant concepts. Together, they scaled the award-winning brand from six stores to now 56 stores across seven states.

What investors say

“Mo’ Bettahs is — and always will be — one of my favorite investments we’ve ever made because of the people,” Andrew K. Smith, managing director of Savory Fund, said in a statement. “We love the culture that Kimo and Kalani Mack created 16 years ago, we love the food that they share as if you are in their own backyard in Hawaii, and we couldn’t be prouder of the partnership we’ve formed. Over the past seven years, they’ve become like brothers to us all, and we’re excited to welcome Blue Marlin Partners and Trive Capital into the Mo’ Bettahs ohana.”

Inspired by Mo’ Bettahs’ menu, high-growth trajectory, and top-quality team, Blue Marlin and Trive Capital both said they are energized and uniquely positioned to support Mo’ Bettahs as it enters its next stage of growth.

“Kimo, Kalani, and CEO Rob Ertmann have done an incredible job building and expanding the Mo’ Bettahs brand and delivering an authentic Hawaiian experience to their customers. We look forward to partnering with the Company to support its next phase of growth,” Chris Zugaro, partner at Trive, said in a statement.

“Mo’ Bettahs has established itself as the leader in the Hawaiian category, as well as one of the most exciting fast casual brands in the market with its high-quality food and authentic dining experience that harkens back to Kimo and Kalani’s days growing up in Hawaii,” Peter Kirsch, founder and managing partner of Blue Marlin, said. “We’re excited to build on the brand’s significant momentum and share the aloha with guests across the country.”

‘Beyond anything we could have imagined’

Rob Ertmann, CEO of Mo’ Bettahs, who joined the brand in 2021 when it had 22 stores in two states, said Trive and Blue Marlin will help grow the company.

“I’ve seen Mo’ Bettahs more than double in size during my time here, but thanks to good partners like Savory, the heart of the brand has always remained the same,” Ertmann said in a statement. “I’m confident Blue Marlin and Trive will only add to that synergy, and our team can’t wait to get started on bringing authentic Hawaiian cuisine to more neighborhoods, friends, and families.”

Over the last three years, its revenue has grown 178%, and its loyalty subscriber base has reached nearly 500,000 members.

“We never planned on owning a restaurant — let alone almost 60 of them. We were two city bus drivers from Hawaii who knew how to cook, how to eat, and how to work, but the way our lives have unfolded is beyond anything we could have imagined,” Kimo and Kalani Mack said in a joint statement.

The brothers added that Savory Fund has played a pivotal role in their journey.

“We wouldn’t be here without our Savory partners, Andrew and Shauna Smith. They have been by our side at every step of growth, all while respecting and honoring our experience and heritage,” they said. “We’re honored to continue the journey with them as we welcome Blue Marlin and Trive to the Mo’ Bettahs’ fold. Their partnership will enable us to share good food and ‘spread da aloha’ across the mainland for years to come.”

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