Restaurant-focused private equity firm Savory Fund has taken a strategic investment stake in Zao Asian Grill, a 23-unit fast-casual concept specializing in made-to-order Asian-inspired bowls, wraps, noodles, and salads. The deal is anchored by a $12.5 million debt facility through Columbia Bank earmarked for new location development, with more than 10 openings projected through 2027.
The investment marks the fourth portfolio company in Savory Fund III, alongside South Block, Bonrue, and Hawkers — a lineup that signals the firm's continued focus on emerging fast-casual brands with proven unit economics and regional density before national scaling. Savory manages more than $750 million in assets and counts Swig and Mo' Bettahs among its prior breakout investments.
The Numbers
Zao's 18.2% same-store sales growth is the headline metric driving investor confidence. Founded in 2013, the concept has built a loyal following across the Mountain West by pairing approachable, chef-driven flavors with a health-forward positioning — scratch-made sauces, a variety of proteins, and customizable bases that fit contemporary dining preferences. That combination of habitual visit frequency and strong comp growth is precisely the profile Savory targets when identifying brands ready for a national expansion push.
"He's one of the most instinctive brand builders I know, and I've spent years admiring Zao from the outside," said Andrew K. Smith, managing director and co-founder of Savory Fund, referring to Zao founder Dave Duffin. "Getting to finally roll up our sleeves and build something together — instead of just cheering him on from a distance — is the kind of partnership you don't pass up."
The Team Behind the Brand
For operators watching this deal, the management depth may be as compelling as the sales figures. Duffin previously founded Zuka Juice and Rumbi Island Grill. Chief Operating Officer Tom Hartman brings multi-unit systems experience across several restaurant brands, and CFO Paul Killpack spent 13 years scaling Café Zupas from 9 to more than 80 locations. Savory credits the trio with a combined 75-plus years of restaurant brand-scaling experience — the kind of operator infrastructure that PE-backed growth requires to sustain quality through rapid unit additions.
The pan-Asian fast-casual segment remains underpenetrated relative to Mexican and Mediterranean categories, giving Zao a relatively open lane as it moves beyond its Mountain West stronghold. Industry observers tracking fast-casual expansion trends have noted that Asian-inspired concepts with clean-label positioning tend to index well in suburban and college-market trade areas — exactly the demographic Zao has cultivated. Savory's playbook, refined across earlier portfolio brands, focuses on preserving the guest experience that drove early loyalty while building the operational infrastructure for multi-region restaurant growth.
With capital committed, a seasoned leadership team in place, and a site pipeline already forming, Zao's next phase will test whether the brand's Mountain West momentum translates to new markets — and whether the pan-Asian fast-casual category finally has its national anchor.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
