In the latest episode of the Hospitality Hangout podcast, Michael Schatzberg “The Restaurant Guy” and Jimmy Frischling “The Finance Guy” sit down with John Rigos, the founder and co-chief executive officer of Aurify Brands, to explore the culinary, marketing, and technology behind building a brand.

Aurify Brands is committed to conceiving, building, and growing original concepts that last for the long-term. Their brands include Melt Shop, Little Beet, Table, Fields Good Chicken, and Five Guys. The goal is to foster brands with a great culture and lasting value that stay true to each business’s mission.

“One of the nice things about how we’re structured as a platform is that we can pretty readily do a bolt-on acquisition to leverage the platform and integrate it into our portfolio more readily than a typical restaurant company,” says Rigos. “A typical restaurant company has a management team that supports the growth of the brand. We have that at each of the brand levels, but we also have this platform above them that supports the brand.”

Aurify recently secured a major acquisition: Le Pain Quotidien. The popular chain was going to go bankrupt before the purchase.

“We did pivot very strategically… we proactively started looking in the marketplace for brands that were great brands but were struggling on the liquidity side,” adds Rigos. “The company was sold to a private equity firm in 2016. In the ensuing years, some of the decisions at the management level crushed a lot of what made the brand special.”

For Aurify, the bankruptcy was an opportunity for them to acquire the brand.

“Either the company was going to go bankrupt or the company needed capital to take it through the bankruptcy process,” says Rigos. “The beauty of the bankruptcy process is it enables you to revisit your contracts. We started negotiating with all the landlords, as the bankruptcy process enables you to shed all the leases you don’t like… we felt really good being part of the solution that was going to be bringing back jobs and paying landlords and start paying suppliers.”

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This syndicated content is brought to you by Branded Strategic Hospitality.