Dive Brief:
- Greg William, the CEO of Naf Naf Middle Eastern Grill since 2020, is retiring, according to a Monday press release.
- CFO Grady Metoyer will assume the CEO responsibilities at the 39-unit Mediterranean fast casual chain on an interim basis, according to the press release.
- William will work with Metoyer and the board over the next two months to ensure a smooth transition, then will remain an active board member and investor, the company said.
Dive Insight:
William became the brand’s first franchisee in 2019 and expanded the Chicago-based brand into Indianapolis and Carmel, Indiana. He ascended to the CEO post a year later.
Metoyer, meanwhile, has served as CFO for eight years, according to the press release. He has over 25 years of experience in the food and beverage industry and has worked in various finance positions at Sysco and its subsidiary SYGMA as well as Food Brand, a 100-unit fast casual operator.
Naf Naf has experienced both growth and contraction in recent years, according to its Franchise Disclosure Document. Its unit count jumped from 29 to 38 in 2022, before remaining flat the next year and nudging up to 41 as of the end of 2024 — before settling at the 39-store figure in the press release. The chain has been working with Love’s Travel Stops & Country Store to open non-traditional locations.
Additionally, its average unit volume hangs around $1 million, with company-operated units seeing an average net sales of $1.2 million and franchisees stores an average of about $855,000. This AUV is low in comparison to the segment leader, Cava, with stores boasting an AUV for $2.9 million in 2024, according to an earnings release.
Like many Mediterranean fast casual brands, Naf Naf may be hoping to catch consumer interest in healthy, bowl-based options and Mediterranean flavors to power its future growth. But for the brand, as for other competitors like Taim, this growth will depend on finding ways to differentiate itself from Cava, which is well-positioned to outperform the restaurant industry and grow quickly, according to analysts. And Naf Naf will face that competitive battle on its own territory now. When Cava entered the Chicago market last year, the brand said it was its strongest market entry ever.
