Craveworthy Brands to Acquire Mongolian Concepts

April 12, 2023

CHICAGO Craveworthy Brands, the portfolio company redefining the restaurant industry’s value proposition for consumers and restaurant franchise owners alike, announced today that it has entered into an agreement to acquire Mongolian Concepts. The deal is expected to close after a short interim period. Mongolian Concepts CEO Gregg Majewski is also CEO and founder of Craveworthy Brands and led the acquisition of the company from its previous owners of Mongolian Concepts.

Through the acquisition, Craveworthy Brands embeds Genghis Grill, BD’s Mongolian Grill and Flat Top Grill into its platform company. Likewise, the three brands and their 80-plus corporate-owned and franchised locations will be integrated into the Craveworthy Brands ecosystem, eliminating the Mongolian Concepts umbrella. No job eliminations are expected, rather job creation, brand acquisition, concept development and franchise growth is anticipated across Craveworthy Brands.  

“There’s decades of success infused into Craveworthy Brands and it stems from the talented team we’ve assembled,” said Gregg Majewski, CEO and founder of Craveworthy Brands who served as the most recent CEO of Mongolian Concepts and formerly held the COO, CFO and CEO positions for Jimmy John’s. “We’re uniquely qualified to invigorate and supercharge legacy brands while nurturing and growing emerging brands. This transaction represents a key acquisition and adds iconic restaurant brands with talented team members into our portfolio.”

The deal marks the third major acquisition for Craveworthy since the formation of the company in late-2022. Prior purchases include Wing It On! and The Budlong Hot Chicken. Plus, Craveworthy has incubated two additional brands, Krafted Burger Bar + Tap and the Lucky Cat Poke Company. All are designed around the Craveworthy Brands pillars of providing financial stability needed to scale as brands can take advantage of their equity firm’s operations knowhow, management, infrastructure, human resources, marketing, site selection and purchasing experience.

“We expect a bright future for all three brands with Gregg and his team behind them,” said Manish Patel, co-founder and principal of Dallas-based CMG Companies, which focuses on multi-unit franchise operations in restaurants, retail and hotels with approximately 450-plus locations across more than 30 states. “As we exit all three Mongolian Concepts brands, Genghis Grill, BD’s Mongolian Grill and Flat Top Grill will all remain as a key part of our history and legacy.”

To support the formation and expansion of the Craveworthy Brands portfolio, Majewski partnered with the newly-created merchant banking division of FG Financial Group. In addition to business objectives, there are two core centering points for the partnership:  fulfilling America’s insatiable appetite for elevated experiences and food quality at price points that won’t break the bank; and providing pathways for employees and franchisees to live and achieve the American Dream.

Legal counsel to Mongolian Concepts in the transaction was Wiggin and Dana LLP.  Craveworthy was represented in the deal by Momkus LLP.

For more information about Craveworthy, visit CraveworthyBrands.com.

About Craveworthy

Craveworthy, the parent company of emerging casual and fast casual dining brands Wing It On!, The Budlong, Krafted Burger + Tap and Lucky Cat Poke Company, is dedicated to invigorating and supercharging legacy brands while nurturing and growing emerging brands. The company brings together diverse, but complementary, brands, and an accomplished leadership team. In addition to running and growing great restaurant brands, Craveworthy is active in the communities it serves and creates unique career opportunities for its team members. Bridging the distinctive individuality of its brands with a shared culture and spirit of collaboration, the company’s goal is to create truly unique and craveworthy experiences every day, every shift and at every turn. Learn more about Craveworthy and its brands at CraveworthyBrands.com.

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