Kristin Murphy, Deseret Information
Breast most cancers survivor Nicole Tanner, founding father of drink firm Swig, helps a buyer on the West Jordan retailer on Dec. 16, 2020. Tanner raises cash to assist different girls who want surgical procedure and might’t afford to pay for it themselves. Laura Seitz, Deseret Information
Utah's huge Larry H. Miller Firm is taking over the state's soiled soda wars, because it goals to develop the idea into different states.
The Sandy-based enterprise large introduced Tuesday it has acquired a majority stake in Swig from the personal fairness agency Savory Fund. Phrases of the settlement weren't disclosed, although Savory Fund, Swig founder Nicole Tanner and two different companions, will nonetheless retain "vital minority stakes" within the firm, in response to Larry H. Miller Firm.
The Swig model may even start working out of LHM Firm-owned Megaplex Theatres starting in 2023, the corporate introduced. Each companies will settle for refillable Swig tumblers and Megaplex Theatres mugs on the similar value as a standard refill for "a restricted time" as soon as Swig strikes into the theaters.
"We love Swig's progress trajectory, best-in-class customer support, robust worker tradition and dedication to delivering constructive visitor experiences. We're excited to welcome the Swig workforce to the LHM Firm and are excited to assist speed up its nationwide enlargement," mentioned Steve Starks, the CEO of Larry H. Miller Firm, in an announcement Tuesday.
The acquisition is the newest funding for the Larry H. Miller Firm because it began shifting its portfolio two years in the past, promoting its majority share of the Utah Jazz to Qualtrics Ryan Smith in October 2020 for $1.6 billion. It bought its remaining minority shares earlier this 12 months.
The corporate additionally bought its massive portfolio of automotive dealerships to Asbury Automotive Group in 2021. Whereas it nonetheless owns the Salt Lake Bees along with Megaplex Theatres amongst its leisure manufacturers, firm officers observe that they've began to focus extra closely on actual property, well being care and finance amongst its companies and investments.
As for the latest acquisition, Larry H. Miller Firm proprietor Gail Miller mentioned Tuesday she's "proud" to spend money on a enterprise that has an "strategy to neighborhood constructing aligns with ours." Along with retaining a minority share of the corporate, Tanner will stay the spokeswoman of Swig's "Save The Cups" marketing campaign, which has raised about $550,000 towards consciousness and paying off medical payments associated to breast most cancers since 2020.
"(Tanner) and the workforce are invested of their leaders and workers, and their values are strongly mirrored of their on a regular basis operations," Miller added.
Breast most cancers survivor Nicole Tanner, founding father of drink firm Swig, helps a buyer on the West Jordan retailer on Dec. 16, 2020. Tanner raises cash to assist different girls who want surgical procedure and might’t afford to pay for it themselves.
Laura Seitz, Deseret Information
Tanner based Swig in St. George again in 2010 and it has since expanded to dozens of areas throughout Utah, Arizona, Idaho, Oklahoma and Texas over the course of 12 years. It additionally made nationwide headlines in 2015 for its lawsuit in opposition to rival Sodalicious over the time period "soiled soda." The 2 corporations settled the contentious battle in 2017.
Swig additionally has plans so as to add 25 new areas in 2023 because it continues to enter the nationwide market, Larry H. Miller Firm officers mentioned Tuesday.
The acquisition comes after Savory Fund took majority management of Swig 4 years in the past. Andrew Smith, the co-founder of the agency, mentioned that he's "excited" in regards to the deal and that the corporate will proceed to assist Swig as "they convey this market-defining idea throughout the nation."
A spokesperson for the Savory Fund notes that the agency holds $650 million in belongings. Its different meals investments embrace The Crack Shack, 86 Repairs, Hash Kitchen, Mo' Bettahs Hawaiian Model Meals, Pincho, R&R Barbeque, Saigon Hustle, the Sicilian Butcher and Through 313 Pizzeria.