Soda Empire Quietly Overtakes Utah

A soda stand that started in one small Utah town now sells more drinks outside Utah than inside it.

Quick Take

Swig, the chain credited with inventing “dirty soda,” now operates in 23 states, up from just 16 a little over a year ago.
Stores outside Utah are outperforming Utah locations by roughly 40% to 50%, according to an investor at Savory Fund.
The Larry H. Miller Company bought a majority stake in Swig in 2022 and has since pushed the brand into theaters and new franchise markets.
Company leaders and backers describe the growth as a “Starbucksification” of soft drinks, turning a regional drink habit into a national lifestyle brand.

From One Utah Stand to a National Drink Chain

Swig started as a single drive-thru stand in southern Utah back in 2010, built around a simple idea. Mix regular soda with fruit purees, cream, and flavored syrups, and sell it fast through a drive-up window.

Chief Executive Officer Alex Dunn has described the company’s rise from that one shop to a multi-state operation as a steady climb rather than an overnight jump.

By 2022, growth had picked up enough for Utah’s Larry H. Miller Company to buy a majority stake in the brand from private equity firm Savory Fund.

That deal gave Swig backing from a company known for building sports and entertainment brands across the state, and it set the stage for a much bigger push outside Utah’s borders.

Swig’s ‘dirty soda’ boom grows beyond Utah as investor touts ‘Starbucksification’ of soft drinks https://t.co/0SSqHUcZ6n

— FOX Business (@FoxBusiness) August 18, 2026

The Numbers Behind the “Starbucksification” Claim

Andrew K. Smith, managing director and co-founder of Savory Fund, told Fox Business that Swig locations outside Utah are performing 40% to 50% better than stores inside the state. He said the chain now operates in 23 states and expects to reach around 200 locations soon.

Smith used the word “Starbucksification” to describe what he sees happening, comparing Dirty Soda’s rise to how Starbucks turned a simple cup of coffee into a daily ritual people build routines around.

That framing matters because it signals where Swig’s leaders think the real money is. Coffee shops did not just sell caffeine. They sold a habit, a stop on the way to work, a reason to leave the house.

Swig’s backers appear to be betting the same thing can happen with flavored soda, especially in markets that never had a dirty soda stand on every corner growing up.

Franchise Deals Fuel a Multi-State Sprint

The expansion numbers back up the enthusiasm. Swig celebrated its 50th location a few years ago while announcing plans to begin franchising more than 200 stores, alongside a new partnership to open locations inside Megaplex Theatres.

By April 2026, the chain had grown to 164 locations across 16 states, according to public records, with contracts signed for about 500 stores over 5 to 7 years.

Company leadership changes have closely followed the growth curve. Swig promoted Todd Smith to president in October 2025 and brought on a new franchise sales lead, moves the company said were meant to support both company-owned and franchised expansion nationwide.

Bringing in dedicated development leadership while store counts climb suggests a business trying to build lasting systems, not just chase a short-term trend.

Private Equity’s Bet on Dirty Soda’s Staying Power

Savory Fund’s involvement in Swig fits a broader pattern for the firm, which focuses on scaling regional food and beverage brands into national names. The firm recently added a 23-location Utah-born restaurant concept, Zao Asian Grill, to a portfolio that already includes Swig and Mo’ Bettahs. That kind of repeat investment strategy shows confidence that Utah-grown food and drink habits can travel well beyond the state.

Whether dirty soda becomes as permanent a fixture as the morning coffee run remains to be seen, but the store counts, franchise deals, and investor claims all point the same direction right now.

A drink that once required a road trip to southern Utah to try is showing up in strip malls from Colorado Springs to the Southeast, and the people funding that growth say the appetite for it keeps getting bigger.

Swig investor says ‘dirty soda’ chain is booming beyond Utah | Fox Business https://t.co/1OmgK2jwkw

— XPNAiiMODEDX26 🇵🇭 (@XPNAiiMODEDX26) August 18, 2026

For now, the clearest signal of Swig’s trajectory is the plain math its own investor put on the table: stores outside Utah are outselling stores inside it by nearly half, in a chain that has already spread to 23 states and counting.