From left to right: Savory Fund’s Andrew Smith, Shauna Smith and Clay Dover. | Photo courtesy of Savory Fund.
Clay Dover was named CEO of Savory Fund while cofounder Shauna Smith was promoted to managing director, the private-equity firm announced on Wednesday.
The dual appointments are designed “to support founder-led brands while scaling high-growth concepts across the country.”
Andrew Smith, Savory Fund’s cofounder and also a managing director, called it “a meaningful milestone for Savory and a natural step in our evolution.”
“Shauna’s promotion to managing director allows her to spend more time driving value creation, supporting our founders and shaping long-term investment strategy,” he said in a statement. “Together with Clay’s operational expertise as CEO, this strengthens our platform and supports Savory’s continued momentum and leadership in the emerging restaurant investment space.”
The Salt Lake City-based Savory scoops up founder-led growth concepts and then uses its operational experience to provide support for those brands, including concepts like Mo’ Bettahs and Houston TX Hot Chicken. The firm was an early investor in the dirty soda brand Swig, which it sold in 2022.
The firm under Shauna Smith’s direction now features 13 portfolio companies that generate $515 million in annual revenue. Only 4% of private-equity firms have female managing partners and CEOs, according to the Columbia School of Business, putting Shauna Smith in rare company.
The firm will now feature Dover as CEO. He has held executive leadership roles at Raising Cane’s, Pei Wei and Velvet Taco. Dover helped guide the Mexican chain from just four locations to 54 in his nine years with the company. That kind of growth chain experience is crucial for the brands in which Savory invests.
Dover called his appointment with Savory “a once-in-a-career opportunity” and said he was attracted to Savory’s mission of “helping founder-led brands scale without losing what makes them special.”
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