It took more than two years but young private equity firm Switchback Capital completed in January its first acquisition, Smokey Mo's TX BBQ. It took time to buy six different entities and roll them into one restaurant operation poised for growth. "Switchback was formed to formalize our interest in private equity, and specifically investing in companies originating in Texas," said Todd Caven, who started the Austin-based firm in 2017 with Tim Keyes. "Tim I've known for 30 years," working on various deals together. "We just can't shake each other I guess." Smokey Mo's is a 20-year-old barbecue chain founded by Morris "Mo"
Editor’s note: It’s that time again — time to check in with our top stories. Here are five articles that captured our collective attention over the past seven days. Austin-based Hopdoddy beefs up with acquisition of Texas burger brand. The Austin burger fave has acquired College Station-based Grub Burger Bar and formed a new hospitality group that will operate 50 locations across multiple states. Austin-born barbecue chain fires up plans for growth with new owners. Neighborhood barbecue joint Smokey Mo’s has been purchased by a private equity firm that has big plans for its future. Austin suburb boasts second-hottest neighborhood for
Cedar Park-based Smokey Mo’s Texas BBQ was acquired by Austin-based Switchback Capital, LLC., a private equity firm, to expand the 21-year-old barbecue chain. The deal was announced Jan. 13. Financial terms were not disclosed. Smokey Mo’s already has 16 locations in Central Texas, five of which are franchised. This move will allow Smokey Mo’s to expand into more Texas markets. Switchback Capital, founded by Tim Keyes and Todd Caven, said it buys businesses that are cash-flow positive and growth potential. Smokey Mo’s is the firm's first formal investment. Smokey Mo’s will open up more franchising opportunities to new operators in the coming months as the company
Check out some of the latest merger and acquisition news to hit our radar. That includes a pair of deals by Cart.com Inc., which recently shifted its headquarters to Austin. And Smokey Mo’s Texas BBQ has a new owner eager to expand. Source: https://www.bizjournals.com/austin/news/2022/01/19/m-a-wrap-cart-com-literati-epicor-filetrail.html
Austin-based brand will expand its low-and-slow smoked-meat concept across Central Texas The Austin, Texas-based Smokey Mo’s TX BBQ has been acquired by Switchback Capital LLC, a private equity firm with plans for modernization and expanded franchising. Terms of the deal, announced on Jan. 13, were not disclosed. It is the first formal investment by Austin-based Switchback, which was founded by Tim Keyes and Todd Caven, and focuses on Central Texas businesses that are cash-flow positive with room to grow. Craig Haley, president of the 16-unit Smokey Mo’s who joined the company in October, said the concept was family owned and the previous owners
You know that old saying: Where there’s smoke, there’s … barbecue. This is Texas, after all. And one barbecue chain that got its start in the Austin area is cooking up some serious growth plans thanks to a deal that’s adding lots of fuel to the fire. Smokey Mo’s Texas BBQ, the neighborhood barbecue brand launched in 2000 in Cedar Park by pitmaster Morris Melchor and his wife, Lisa, has just been purchased by Austin-based private equity firm Switchback Capital. The purchase price wasn’t shared, however a Smokey Mo’s company rep confirms that the acquisition will stoke plenty of growth for the
Smokey Mo’s TX BBQ, an authentic Texas barbeque chain with 16 locations and 21 years of successful corporate operations, was acquired by Austin, Texas-based Switchback Capital, LLC. Switchback is planning to bring the fan-favorite barbecue to even more local communities as well as a new look and feel for the iconic barbeque joint. With a combined 60 years of private equity experience, the Switchback team adds Smokey Mo’s to their portfolio as the firm’s first formal investment. Founded by Tim Keyes and Todd Caven, Switchback focuses particularly on Central Texas businesses that are cash-flow positive with growth prospects, which made Smokey
Pregnancy Refugee Services does plenty to get new arrivals started, the organization relies heavily on the community partners to help them adjust and progress from benefits and donations to addressing mental and physical health needs. After leaving Kabul, Mayeelsultani and her husband spent seven days in Qatar before being sent to a refugee camp in New Mexico. “The camp was really tough,” Mayeelsultani said. “We didn't have any extra clothes, and being pregnant, and not having the foods I was used to, was hard.” At the camp they learned that the ba- by, who they had been told was going to be a boy,