Four Foods Group (FFG) of American Fork has acquired Swig, the St. George-based specialty soda and food shop. The all-cash purchase price was not disclosed and the deal closed on Dec. 1.
{mprestriction ids="1,3"}Founded in 2010, Swig originated the "dirty" (flavored) drinks concept, which has shown to be a fast-growing segment of the food and beverage industry.
Early in 2017, FFG announced it had acquired The Soda Shop, an early-stage participant in the specialty soda market. The Soda Shop, with two Arizona locations, will be merged with the Swig brand over the next year, FFG said in a statement. Nicole Tanner, Swig CEO and founder, will remain with the company as executive vice president of customer service. The Soda Shop founders Chase Wardrop and Dylan Roeder will also remain with the company as executive vice president of operations and marketing and executive vice president of IT, respectively.
“We are thrilled to welcome Nicole and the Swig team into the Four Foods Group family. Together, we expect to take the specialty soda market by storm,” said Four Foods Group CEO Andrew Smith. “Within 18 months, we intend to add locations in Utah, Idaho, Nevada, Arizona and throughout the Midwest. Shauna and I look forward to working with Nicole, Chase and Dylan to expand this pioneer and define the soda segment for years to come.”
“I am excited for the Swig team and for our customers,” said Tanner. “I never imagined we would grow this company to the size it is today and catch the attention of a company like FFG. Their proven management systems and structure will support the growth we see ahead. The Swig story has been inspiring, but the best days are still to come.”
Four Foods Group now has 131 total restaurants under management and is growing two to three new units a month across its portfolio of brands. The company is expected to generate more than $167 million in revenue in 2018.
{/mprestriction}
