Dover Assumes Leadership as Co-Founder Shauna Smith Transitions to Managing Director
Savory Fund, a private equity firm focused on growing emerging restaurant brands such as Swig, Mo’ Bettahs, Saigon Hustle and Houston TX Hot Chicken, has appointed Clay Dover chief executive officer. Dover brings three decades of restaurant industry experience, including executive leadership roles with Raising Cane’s, Pei Wei and Velvet Taco. He succeeds Savory Fund co-founder Shauna Smith, who transitions from CEO to managing director.
“Savory immediately stood out as an operator-led platform with a long-term mindset,” Dover said. “The focus on founder-led brands, operational excellence and disciplined growth aligned closely with how I believe restaurants should be built and scaled. This role evolved while discussing it with Savory’s founders, Andrew and Shauna Smith, who made it clear there was strong alignment on values, strategy and culture.”
Dover is eager to support brands as they navigate their next stages of growth. “Savory has built a platform that provides capital, infrastructure, support and expertise — all while allowing brands to remain authentic. It’s a powerful combination. Franchising is such a critical arm of our industry, and I’m looking forward to partnering with and learning from elite franchise operators all over the country.”
Private Equity and Franchising
Dover sees Savory Fund as a catalyst for progress in the restaurant industry, proving that private equity can be deeply operational and aligned with franchisee success. “Some of our brands are well-suited for franchise growth — and we will be accelerating these franchise opportunities — while growing other brands through corporate growth. Private equity will continue to play a larger role in franchising in general moving forward, but success will depend on how well firms understand operations at the unit level.
“The next phase of franchising will favor platforms that invest in infrastructure, talent and long-term brand health rather than short-term financial engineering. PE firms need to spend the time and understand what restaurant operators do, how unique our industry is and the passion that we have.”
Shauna Smith said she is excited to work with Dover. “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,” she said.
Leading with Clarity
Dover said he believes in setting a clear direction, empowering strong teams and holding himself and others accountable. “I believe in listening first, making informed decisions and creating an environment where people can do their best work.”
When he’s not working, Dover enjoys snowboarding, spending time with family and visiting the restaurants of clients in Savory Fund’s portfolio.
About Savory Fund
Founded by Andrew and Shauna Smith in 2018, Savory Fund combines more than $750 million in assets under management with 18-plus years of operating experience in the restaurant industry. The firm now spans more than 370 restaurants across 26 states and is invested in Swig, R&R Barbecue, PINCHO, Via 313 Pizza, Mo’ Bettahs Hawaiian Style Food, 86 Repairs, Saigon Hustle, Hash Kitchen, The Sicilian Butcher, Houston TX Hot Chicken, South Block, Bonrue Bakery and Hawkers.
