- 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 –
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
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). These
statements are therefore entitled to the protection of the safe
harbor provisions of these laws. These statements may be identified
by the use of forward-looking terminology such as “anticipate,”
“believe,” “budget,” “can,” “contemplate,” “continue,” “could,”
“envision,” “estimate,” “expect,” “evaluate,” “forecast,” “goal,”
“guidance,” “indicate,” “intend,” “likely,” “may,” “might,”
“outlook,” “plan,” “possibly,” “potential,” “predict,” “probable,”
“probably,” “pro-forma,” “project,” “seek,” “should,” “target,”
“view,” “will,” “would,” “will be,” “will continue,” “will likely
result” or the negative thereof or other variations thereon or
comparable terminology. In particular, discussions and statements
regarding the Company’s future business plans and initiatives are
forward-looking in nature. We have based these forward-looking
statements on our current expectations, assumptions, estimates, and
projections. While we believe these to be reasonable, such
forward-looking statements are only predictions and involve a
number of risks and uncertainties, many of which are beyond our
control. These and other important factors may cause our actual
results, performance, or achievements to differ materially from any
future results, performance or achievements expressed or implied by
these forward-looking statements, and may impact our ability to
implement and execute on our future business plans and initiatives.
Management cautions that the forward-looking statements in this
release are not guarantees of future performance, and we cannot
assume that such statements will be realized or the forward-looking
events and circumstances will occur. Factors that might cause such
a difference include, without limitation: risks associated with our
inability to identify and realize business opportunities, and the
undertaking of any new such opportunities; general conditions in
the global economy, including the impact of health and safety
concerns from the current COVID-19 pandemic; our lack of operating
history or established reputation in the reinsurance industry; our
inability to obtain or maintain the necessary approvals to operate
reinsurance subsidiaries; risks associated with operating in the
reinsurance industry, including inadequately priced insured risks,
credit risk associated with brokers we may do business with, and
inadequate retrocessional coverage; our inability to execute on our
investment and investment management strategy, including our
strategy to invest in the risk capital of special purpose
acquisition companies (SPACs); potential loss of value of
investments; risk of becoming an investment company; fluctuations
in our short-term results as we implement our new business
strategy; risks of being unable to attract and retain qualified
management and personnel to implement and execute on our business
and growth strategy; failure of our information technology systems,
data breaches and cyber-attacks; our ability to establish and
maintain an effective system of internal controls; our limited
operating history as a public company; the requirements of being a
public company and losing our status as a smaller reporting company
or becoming an accelerated filer; any potential conflicts of
interest between us and our controlling stockholders and different
interests of controlling stockholders; potential conflicts of
interest between us and our directors and executive officers; risks
associated with our related party transactions and investments; and
risks associated with our investments in SPACs, including the
failure of any such SPAC to complete its initial business
combination. Our expectations and future plans and initiatives may
not be realized. If one of these risks or uncertainties
materializes, or if our underlying assumptions prove incorrect,
actual results may vary materially from those expected, estimated
or projected. You are cautioned not to place undue reliance on
forward-looking statements. The forward-looking statements are made
only as of the date hereof and do not necessarily reflect our
outlook at any other point in time. We do not undertake and
specifically decline any obligation to update any such statements
or to publicly announce the results of any revisions to any such
statements to reflect new information, future events or
developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20230126005380/en/
INVESTOR RELATIONS: IMS Investor Relations John
Nesbett/Jennifer Belodeau (203) 972-9200 IR@fgfinancial.com
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