FG Financial Group Announces Formation of Craveworthy
- Craveworthy Operates Growing Restaurant Brand Platform –
- Second Project Under FG Financial Group’s Recently Launched Merchant Banking Division –
- Project Launched in Partnership with Gregg Majewski, Former CEO of Jimmy John’s Gourmet Sandwiches –
- Initial Platform will Include Four Brands with Six Craveworthy-Owned Locations, Thirteen Franchise Locations and Eighteen Franchise Locations In Development –
- Focused on Growing Royalty and Franchise Fee Revenue While Strategically Positioning New Craveworthy-Owned Locations –
- Craveworthy is Cultivating Growing Pipeline of Potential Acquisitions –
ST. PETERSBURG, Fla., January 26, 2023--(BUSINESS WIRE)--FG Financial Group, Inc. (Nasdaq: FGF) (the "Company"), today announced the formation of Craveworthy LLC ("Craveworthy") in partnership with Gregg Majewski, a proven restaurant industry executive with several successes under his leadership. This is the second project under FG Financial Group’s recently announced Merchant Banking division. FG Financial is a reinsurance and asset management holding company focused on collateralized and loss capped reinsurance and merchant banking that allocates capital in partnership with Fundamental Global®, a private partnership led by Kyle Cerminara and Joe Moglia, as well as other strategic investors.
Craveworthy is a growing restaurant brand platform made up of diverse, relevant and highly scalable brands. The four initial brands include three existing concepts, Wing It On!, Krafted Burger + Tap and The Budlong Hot Chicken, and one new brand, The Lucky Cat Poke Company. Initial stores will include six Craveworthy-owned locations and thirteen franchise locations with an additional eighteen franchise locations in various stages of the development pipeline. The Lucky Cat Poke Company expects to launch its first standalone location along with approximately fifty ghost kitchen locations in 2023.
Gregg Majewski is the CEO of Craveworthy. He held several senior leadership positions at Jimmy John’s Gourmet Sandwiches including CEO. While at Jimmy John’s, Majewski expanded the company from 33 restaurants to 300 restaurants open and another 600 sold. Majewski implemented and restructured all 300 of Jimmy John‘s restaurants’ operational standards by introducing new systems, procedures, management incentive programs, training programs and franchise enablement programs. In addition, he shifted marketing towards a grassroots strategy with a focus on "Freaky Fast" delivery.
Majewski commented, "I’m excited to launch Craveworthy in partnership and with support from the team at FG Financial. Each of our current brands is primed for significant growth, both through additional franchise locations and through Craveworthy-owned locations. In addition, we are cultivating potential acquisition opportunities that can further add to Craveworthy’s platform growth."
FG Financial Group CEO Larry Swets commented, "I’ve known Gregg for several years and I’m excited to be partnering with him on Craveworthy. He’s a great operator whose had significant success in his career. We believe he can bring that success to Craveworthy. The formation of Craveworthy is further evidence of the capabilities of our Merchant Banking team. We look forward to growing Craveworthy into a leading restaurant brand platform."
FG Financial Group Chairman and Fundamental Global CEO Kyle Cerminara commented, "We are excited to launch Craveworthy with Gregg at the helm. This is a great opportunity to be part of a multi-brand platform and a franchise-focused organization with the potential for a continually growing royalty stream. Our goal is to help grow Craveworthy into one of the most well-respected and largest restaurant brand platforms in the nation."
FG Financial Group, Inc.
FG Financial Group, Inc. is a reinsurance and asset management holding company focused on collateralized and loss capped reinsurance and merchant banking that allocates capital in partnership with Fundamental Global®, a private partnership led by Kyle Cerminara and Joe Moglia, as well as other strategic investors. The Company’s principal business operations are conducted through its subsidiaries and affiliates.
Forward Looking Statements
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