Gregorys Espresso was based in 2006 and has greater than 50 areas.
Supply: Gregorys Espresso
Craveworthy Manufacturers is now investor and managing companion of Gregorys Espresso, a New York Metropolis-based espresso chain with goals of a nationwide footprint.
The 2 corporations introduced the deal on Thursday. Monetary phrases weren’t disclosed.
Craveworthy Manufacturers, a fast-growing restaurant holding firm, has develop into a prolific investor since its founding in 2022. Its portfolio contains legacy chains similar to Genghis Grill and BD’s Mongolian Grill, rising ideas together with Shaquille O’Neal’s Huge Hen in addition to a number of digital manufacturers that solely provide supply.
Gregorys was based in 2006. The regional espresso chain is usually counted as a part of the third-wave espresso development that targeted on high quality beans and artisanal craft, together with friends Blue Bottle Espresso and Intelligentsia Espresso. Immediately, Gregorys has greater than 50 areas, however the cope with Craveworthy Manufacturers is supposed to assist franchise Gregorys and develop past its tristate stronghold.
Founder Gregory Zamfotis will keep on as president of the model.
“Gregory has constructed one thing particular: a cult following, a craft product and a transparent identification. Our function is to guard that, whereas layering within the operational firepower to develop thoughtfully,” Craveworthy Manufacturers founder and CEO Gregg Majewski mentioned in a press release.
Greater than 20 years in the past, Majewski served as CEO of sandwich chain Jimmy John’s, rising it from a pair dozen eating places to 300 areas by the point he left in 2003. With Craveworthy Manufacturers, he’s trying to construct a restaurant IP firm, much like the early days of non-public fairness agency Roark Capital, he advised CNBC in an interview in Might. Roark owns Subway, Dunkin’ mum or dad Encourage Manufacturers and Cinnabon proprietor GoTo Meals.
When searching for potential additions to Craveworthy Manufacturers’ portfolio, Majewski has mentioned he is concentrating on manufacturers with fewer than 75 areas and the power to franchise simply. Immediately, the corporate’s holdings embody greater than a dozen eateries, and its investments vary from outright possession to controlling stakes. With the Gregorys acquisition, the corporate’s annual system gross sales will cross $400 million, a spokesperson mentioned.
Craveworthy Manufacturers’ newest deal comes as drinks more and more drive site visitors within the restaurant business. Though Starbucks gross sales are slumping, newer chains similar to Dutch Bros and seven Brew have seen progress soar in recent times. Quick-food chains similar to McDonald’s and Yum Manufacturers-owned Taco Bell are testing broader drink menus, with choices to customise and extra methods to caffeinate, from refreshers to flavored chilly brew.
Harborfield Administration, Branded Hospitality and restaurant-focused enterprise capital agency Kitchen Fund additionally invested in Gregorys as a part of the funding spherical. Like Majewski and Zamfotis, Kitchen Fund’s managing companion additionally occurs to be named Greg.
