BOSTON--(BUSINESS WIRE)--Phoenix3 Holdings, a strategic growth partner that invests in lifestyle and integrated service companies, announced today the launch of Boston-based Restaura Hospitality Group. Led by Richard Schenkel as Founder and Executive Chairman, and former Sodexo senior executive Joe Cuticelli as Co-Founder and CEO, Restaura is set to transform residential dining by combining a culture rooted in employee ownership with a data-driven operating model to deliver culinary experiences that meet the high expectations of today’s aging consumer population.
Restaura is poised to disrupt the $45.1 billion foodservice contracting industry at a time when the largest contingent of Baby Boomers is considering their retirement living choices. Americans ages 65 and older are projected to make up over 20% of the U.S. population by 2030, according to the U.S. Census Bureau, and wield $7.6 trillion in spending power annually, according to the AARP. This formidable economic force, dubbed the Longevity Economy, demands higher-quality dining experiences and tech-enabled responsiveness. Restaura’s services are designed to bring elevated quality, concierge-inspired personalization, and culinary variety together with data science for the first time.
A New Era in Dining: Technology and Employee Ownership
Schenkel and Cuticelli have created a unique corporate culture that provides all Restaura associates, from kitchen staff and servers to corporate staff, with a combined 30+% ownership stake in the company. This innovative model in an industry plagued by high turnover creates a culture where every team member feels valued and empowered to exceed expectations and has a personal stake in the company’s success. To implement this employee ownership model, Restaura worked with Ownership Works, a nonprofit founded by Peter Stavros, KKR’s co-head of Global Private Equity, to advance the concept of shared ownership to provide all employees with an opportunity to build wealth at work.
Restaura has also shaken the status quo by harnessing artificial intelligence, predictive analytics, and data science to gather real-time feedback from residents, optimize operations, and reduce food waste. Clients will benefit from smart digital dashboards that provide real-time key performance indicators (KPIs)—another industry first—allowing for unprecedented resident sentiment analysis and operational efficiencies. This transformation is vital in an industry where dining quality is pivotal in attracting and retaining residents and can represent up to 20% of a senior living community’s total operating expenses. Restaura’s insight tools enable clients to continuously address resident feedback and manage budgets.
“The incoming wave of seniors brings eclectic tastes, high expectations, and a strong familiarity with technology,” said Cuticelli. “It is a highly lucrative potential customer base. And our view is that current solutions aren’t ready to meet their expectations. Our approach will give our clients an enormous competitive advantage.”
According to an August 2024 survey by Age of Majority, food and nutrition is the number one factor by a significant margin (68%) that older adults believe most affects their overall health and well-being. The research conducted on behalf of Restaura also found that variety (68%) is most important for older adults’ dining experiences, yet only 17% are confident a senior living community can deliver the variety they desire.
Innovation is No Longer Optional
“Our mission with Restaura is to break the mold and bring new life to an industry dominated by large conglomerates and ripe for innovation,“ said Schenkel. He indicated that the Restaura model draws inspiration from other successful industries and that the privately held company will exclusively focus on residential dining services.
Schenkel and Cuticelli have assembled a team of industry experts in culinary arts, nutrition, technology, and business strategy committed to setting a new standard in hospitality. For example, Chief Culinary Officer Matthew Thompson is a distinguished culinary executive recognized for his progressive, sustainable approach to creative menu development and elevated dining experiences. From spa cuisine to build-your-own meals and Blue Zones to nutritional therapy, residents at Restaura-operated communities will experience a level of choice and personalization previously unavailable in the industry.
“The time has come for senior living dining to mirror the culinary experiences that Boomers have come to expect—from online ordering and instant reviews to white-glove service that knows their preferences and is driven to exceed their expectations,“ concluded Schenkel. “Restaura represents the future of an industry that must evolve.“
About Restaura Hospitality Group
Restaura Hospitality Group is leading a transformative movement in the food and dining management industry, setting new standards for senior living and active aging communities. Driven by innovation, Restaura leverages state-of-the-art technology, data analytics, and forward-thinking strategies to craft bespoke dining experiences and business solutions tailored to the unique needs of its clients. Restaura combines the latest advancements in nutrition science, culinary artistry, and hospitality to create dining solutions that redefine excellence. Through its dedication to innovation, employee ownership, and exceptional service, Restaura is elevating the industry standard—where excellent service, innovative solutions, and compassionate care converge to create truly extraordinary experiences.
For more information, please visit www.restaura.com
About Phoenix3 Holdings
Phoenix3 Holdings is a strategic growth partner that invests in lifestyle and integrated service companies focused on senior living, health care, and corporate verticals. The company provides expertise, resources, and capital to innovative founders and family-owned companies that are culturally aligned and are looking to accelerate their growth. Phoenix3 is led by a diverse team of industry disrupters, seasoned operators, and investors with decades of industry expertise. Current investments include Infuse Hospitality, Fairgrounds Craft Coffee & Tea, BevSpot, and Restaura Hospitality Group.
For more information, please visit www.phoenix3holdings.com
