Leadership evolution positions Savory for its next phase of growth, pairing Dover’s brand-scaling expertise at Raising Cane’s and Velvet Taco with Smith’s expanded strategic vision
Savory Fund, an innovative private equity firm focused on scaling emerging restaurant brands such as Swig, Mo’ Bettahs, and Houston TX Hot Chicken, today announced the appointment of Clay Dover as Chief Executive Officer and the promotion of co-founder Shauna K. Smith from CEO to Managing Director. 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 next 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 across our brands, supporting founders, and shaping our long-term investment strategy. Pairing that with Clay’s operational leadership as CEO strengthens our platform in a powerful way – placing Savory in an even better position to lead the emerging restaurant investment space.”
Dover brings more than three decades of restaurant industry experience, including executive leadership roles at Raising Cane’s, Pei Wei, and most recently as CEO of Velvet Taco. At Raising Cane’s, he served as President and CMO, leading strategy, marketing, and operations for the juggernaut brand. As Velvet Taco, he oversaw 1000% sales growth and 1250% unit expansion – growing it from four units to 54 in his nearly nine years leading the brand – while also guiding operational execution, team development, and marketing strategy. Dover’s track record of scaling emerging and high-growth brands makes him a perfect fit for Savory’s platform.
“Joining Savory is a once-in-a-career opportunity – a chance to take what I’ve learned building national brands and apply it to a platform of founder-led concepts,” Dover said. “Savory is built by people who genuinely care about their brands, their teams, and growing things the right way. The mission – helping 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.”
Under Shauna Smith’s leadership, Savory has grown to 13 portfolio companies generating more than $515 million in annual revenue and supporting over 9,200 jobs in 2025. With her promotion to Managing Director, Smith joins a rare group: According to the Colombia School of Business, only 5 percent of private equity firms are female-founded, and only 4 percent have female managing partners and CEOs.
“I’m proud of the platform we’ve built and honored to step into this expanded role,” said Shauna Smith, who has led the Savory platform for eight years as both President and then CEO. “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.”
Founded in 2018 by Andrew and Shauna Smith to back founder-led restaurant concepts, Savory Fund now spans 370+ restaurants across 26 states. With this expanded leadership team, the firm is poised to amplify its portfolio and drive bold new growth across its brands.
Savory is an innovative private equity firm that combines over $750 million in assets under management with a growth playbook and expertise that has been developed over 18 years of operating in the restaurant industry. Savory partners with high-potential, profitable, emerging restaurant brands, to deliver financial capital, industry expertise, growth and revenue opportunities, profitability enhancements and new location development. The Savory team contributes directly to all aspects of growth and replication by using a proven playbook and methodology. Founder involvement in the expansion of a brand is a central theme of the Savory approach as founders carry the tribal knowledge around the uniqueness that has energized early success and is essential to future growth. Savory is currently invested in the following brands: Swig, R&R BBQ, PINCHO, Via 313 Pizzeria, Mo’ Bettahs Hawaiian Style Food, 86 Repairs, Saigon Hustle, Hash Kitchen, The Sicilian Butcher, Houston TX Hot Chicken, South Block, Bonrue Bakery, and Hawkers. For more information, visit SavoryFund.com.