Clay Dover has been promoted to CEO of Velvet Taco, the emerging fast-casual taco chain principally owned by private-equity firm L Catterton.
The CEO's post is a newly created position.
Dover's successor as president of the chain has not been announced. Dover, a longtime marketing veteran of fast-casual and casual restaurants, assumed the president’s post at Velvet Taco in March 2017 after serving as CMO of Pei Wei Asian Diner, a fast casual spun off from P.F. Chang’s China Bistro.
Earlier, he was CMO of Raising Cane’s, the chicken-finger chain, and CEO of Metromedia Restaurant Group, the now-defunct parent of early casual-dining concepts Steak and Ale and Bennigan’s.
During Dover’s time as president of Velvet Taco, the chain grew to 11 restaurants, from four. Five more are scheduled to open before the end of 2019.
Clay Dover
“We see a tremendous opportunity to expand Velvet Taco’s presence in new and existing markets and look forward to Clay leading this differentiated brand,” Chris Roberts, a partner in L Catterton Growth Fund, said in a statement.
L Catterton made what it called a “significant growth investment” in the brand in September 2016. Velvet Taco, which was founded in 2011 by concept creator Randy Dewitt, is one of several upstart taco concepts that specialize in freshly made tacos, a wider array of beverages than is usually found in a fast-casual setting, and a whimsical menu and ambiance. Similar concepts include Fuzzy’s Taco Shop and Torchy’s Tacos.
L Catterton has invested in a number of restaurant brands, including Hopdoddy Burger Bar, Piada Italian Street Food, Protein Bar & Kitchen and Uncle Julio’s. It recently agreed to acquire Del Frisco’s Restaurant Group, the parent of Del Frisco’s Double Eagle Steakhouse, Del Frisco’s Grille, Bartaco and Barcelona, for about $650 million.
It recently sold a stake in Punch Bowl Social, a food and games concept, to Cracker Barrel Old Country Store.
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