AMERICAN FORK, Utah--(BUSINESS WIRE)--Four Foods Group (FFG) – a rapidly growing restaurant development,
investment and management company – today announced that it has acquired
The Soda Shop, an early-stage participant in the growing specialty soda
marketplace. The all-cash acquisition closed on January 31, 2017. The
Soda Shop founders Chase Wardrop and Dylan Roeder both retain equity in
the company, and will serve as Division Presidents for the venture going
forward.
The announcement comes on the heels of FFG’s acquisition of the popular
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and fast-growing R&R Barbecue restaurant concept, and its announcement
of expansion throughout the western United States.
“Our philosophy of finding smart operators who need growth capital and
proven restaurant management systems continues to pick up momentum,”
said Andrew K. Smith, FFG Chief Executive Officer. “We want partners who
have skin in the game, both financially and from an operations
perspective, and we’ve proven it’s a formula that leads to growth and
success.”
FFG has described itself as a restaurant concept investment incubator,
and the FFG and The Soda Shop partnership is a good example of how this
approach creates opportunities. In 2015, while participating in a
lecture series with young entrepreneurs at Brigham Young University,
Smith met The Soda Shop founders Wardrop and Roeder. The two BYU
students had signed up for an hour session with Smith to get advice on
becoming entrepreneurs while starting their first venture. However, the
relationship did not end with that class appointment, and over the
course of the following months and years, Smith continued to provide
advice and mentorship to Wardrop and Roeder.
Fast forward a couple years and Wardrop and Roeder moved back to their
home state of Arizona to launch The Soda Shop. The Soda Shop currently
has two locations: one in Gilbert, Arizona that opened in 2015, and
another in Mesa, Arizona, that opened in 2016. The menu features a
variety of house-made concoctions that put a tasteful twist on the
traditional fountain drink. For example, the “Don’t Ya Wanta” combines
orange soda, vanilla, and half and half, giving it flavors reminiscent
of an orange push-up popsicle. The Soda Shop also offers frozen custard
with candy mix-ins, cookies and traditional Italian sodas.
“Chase and Dylan have all the qualities an entrepreneur needs to be
successful, and they are the type of partners I want while scaling this
new venture,” said Smith. “They work hard, have passion for their brand,
are sponges when discussing future strategy and improvements to make
within the brand, and they never give up. That’s why The Soda Shop is
where it is today.”
This starting point is exactly where the management and capital
resources of FFG come into play when scaling a restaurant brand. The FFG
model for incubating new and emerging brands provides support in key
areas of business management to set their operating partners up for
success. FFG has established expertise in development and construction,
in-house real estate, facility management and set-up, operations, human
resources, recruiting, hiring and training, payroll and benefits
administration, IT support, marketing, financial oversight, accounting
and investment financing. Importantly, FFG provides capital to the
support services for the business to grow, while allowing the operating
partner to maintain significant equity in the business as revenue
increases.
“It is important to me that everyone wins in the process,” said Smith.
“One of my core beliefs is there is enough to go around for everyone.
Thinking otherwise is one of the biggest mistakes any business can make,
and it happens all the time in the restaurant industry. Too many people
think keeping it all to themselves makes them more money, but that is
just flat out wrong thinking. When you focus on something other than
your ownership and the money you make, it is magical…and we’ve proven it
can work.”
“Andrew has been so generous with his time and knowledge while we were
getting our business concept developed and launched,” said The Soda Shop
Co-Founder Chase Wardrop. “This next step of really growing The Soda
Shop is going to be a great ride.”
“We already have more than a half dozen sites we are looking at securing
for our growth this year, and this investment will let us put our foot
on the gas pedal right now,” added The Soda Shop Co-Founder Dylan
Roeder. “We are really looking forward to being part of Four Foods Group
as another company in their portfolio of brands.”
The Soda Shop will focus immediate growth efforts in Arizona and Las
Vegas. More information about Four Foods Group can be found at www.fourfoodsgroup.com
and The Soda Shop at www.thesodashop.co.
About Four Foods Group
Four Foods Group (FFG) is a restaurant development, investment, and
management company with 46 restaurant locations and additional sites in
development or under construction. FFG has ranked among Inc. Magazine’s
500/5000 Fastest Growing Companies in America for five consecutive
years, a MWCN 100 recipient four years, and as a UV50 company for six
years running. The company currently employs nearly 2,000 employees in
five states, with more than 110 at their corporate offices in American
Fork, Utah. Their restaurants rank among the Technomic Top 150 Fast
Casual Restaurants.
Contacts
for Four Foods Group
Roo Yeshpaul Johnson, 480-848-1781