SALT LAKE CITY — The Larry H. Miller Company announced today that they purchased a majority stake in Utah-based soda shop Swig, meaning the popular drinks will be in some movie theaters in 2023.
"Let's pop the soda and celebrate," Swig said in an Instagram post in part. "Today we couldn't be more excited to announce our Swig family is growing... From franchising to movie theaters, there is so much more to share!"
The LHM Company acquired their majority stake in the company from Savory Fund, a private equity firm.
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Savory Fund, Swig Founder Nicole Tanner, and partners Chase Wardrop and Dylan Roeder will each retain significant minority stakes in the business, the LHM Company reported.
The LHM Company initially invested in Swig over four years ago, leaders with the company said. Since the investment, "Swig has become the undisputed leader in this redefined category of customized beverages."
“I am proud to invest in Swig, a business founded by a woman whose approach to community building aligns with ours," said Gail Miller, owner of the LHM company in a statement. "Nicole and the team are invested in their leaders and employees, and their values are strongly reflected in their everyday operations.”
Swig and the LHM Company said much is to come for the brand in 2023, including a "Swig experience" in LHM Megaplex Theatres. Both companies will provide refills in refillable Swig tumblers and Megaplex Theatres mugs for a limited time.
The exact terms of the transaction were not made available.
Swig was founded in 2010 in St. George and since then has expanded to 45 stores in five states. By the end of 2022, the company will have 46 operational locations with more than 25 locations set to open in 2023.
