Wealthy bank founder Hill Backs Saladworks' growth

Nation's Restaurant News,  Feb 25, 2008  

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CONSHOHOCKEN, PA. -- One of the country's wealthiest individuals, the retired founder of a national bank, has purchased a minority stake in the 88-unit Saladworks chain and will join the executive committee of the board of directors.

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Vernon W. Hill II, founder of 450-branch Commerce Bancorp, made an unspecified substantial investment in the privately held salad chain, and his equity stake is second only to the John Scardapane, Saladworks' founder and chairman, the company said.

"It's really not about the money but the expertise that he brings to us," said Paul Steck, Saladworks' president.

Steck said Hill's investment would likely be used to secure real estate and accelerate franchise expansion, and added that Hill has expertise in real estate and site development.

Steck also said that Hill had "told us that he thinks we are at the tipping point where the right managers and utilization of invested capital could take us to the next level, as one of the industry fastest-growing companies."

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