Savory Fund, a private equity firm focused on scaling emerging restaurant brands such as Mo' Bettahs and Houston TX Hot Chicken, is announcing the promotion of co-founder Shauna Smith from CEO to managing director and the appointment of Clay Dover, former CEO of Velvet Taco, as Savory's chief executive officer. These leadership moves bolster Savory's ability to support founder-led brands while scaling high-growth concepts across the country.

"This is a meaningful milestone for Savory and a natural step in our evolution," said Andrew K. Smith, co-founder and managing director of Savory Fund. "Shauna's promotion to Managing Director allows her to spend more time driving value creation, supporting our founders, and shaping long-term investment strategy. 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."

Savory, under Shauna Smith's direction, now encompasses 13 portfolio companies generating $515 million in annual revenue and supporting more than 9,200 jobs. With her promotion to managing director, Smith joins a rare group: According to the Colombia School of Business, only 5% of private equity firms are female-founded, and only 4% have female managing partners and CEOs.

"I'm proud of the platform we've built and honored to step into this expanded role," Shauna Smith said. "Clay has done exactly what we do at Savory — scale emerging brands into household names. I'm energized to link arms with him and Andrew as we take on this next chapter together."

Dover has more than three decades of restaurant industry experience, including executive leadership roles at Raising Cane's, Pei Wei and Velvet Taco. At Raising Cane's, he served as president and CMO, leading strategy, marketing and operations for the brand. At Velvet Taco, he oversaw 1,000% sales growth and 1,250% unit expansion — growing it from four units to 54 in his nearly nine years leading the brand.

"Joining Savory is a once-in-a-career opportunity," Dover said. "Savory's mission — helping founder-led brands scale without losing what makes them special — truly resonates with me. I'm thrilled to work alongside Andrew and Shauna to build on this incredibly strong foundation."

Source: Savory Fund