How a Mormon mom's soda shop in Utah became a $100M chain that McDonald's and Taco Bell are copying
Feb 6, 2026
Key Points
- Swig, a Utah soda chain founded by Nicole Tanner in 2010, reached $100M revenue by going viral through celebrity endorsements and TikTok influencers after a decade of stalled regional growth.
- McDonald's, Taco Bell, and Sonic are copying Swig's playbook of customized sodas with fruit purees and creamers, validating the market but exposing the chain's lack of proprietary defenses.
- Larry H. Miller Co. brought in professional CEO Alex Dunn to position Swig for an IPO, betting that simple unit economics and operational efficiency can compete against larger rivals entering the category.
Summary
Nicole Tanner, a Mormon mother of five in Saint George, Utah, built Swig into a $100M revenue chain by filling a niche and catching a viral moment. The product is straightforward: Coca-Cola, Pepsi, or Mountain Dew mixed with fruit purees and flavored creamer, served ice-cold. The business model is even simpler—no food, just soda customization.
Tanner started in 2010 after moving to Utah and wanting caffeine without coffee, which her faith discouraged. She and her husband spent their savings on a 700-square-foot commercial building with parking and leased a Coca-Cola fountain. They priced drinks at $1 for any size to draw students from nearby Utah Tech University. When PepsiCo declined to supply her initially, she bought two-liter bottles from grocery stores until the company relented after a month.
The business stayed regional for over a decade. By 2017, Swig had a dozen locations but growth stalled. Tanner lacked the expertise to scale further and stepped back from day-to-day operations. Her husband separated from her in 2020, and she is no longer involved in the company.
The breakthrough came through TikTok and celebrity endorsement. Pop star Olivia Rodrigo posted an Instagram photo holding a Swig cup while filming a TV series in Utah years ago, and the chain went viral. More recently, cast members from The Secret Lives of Mormon Wives, a reality show about Utah-based TikTok influencers, have further amplified the brand. Swig now operates around 140 locations across 16 states.
Major quick-service restaurants are copying the playbook. McDonald's tested Sprite with lemon vanilla syrup and dragon fruit. Taco Bell launched the Baja Dream Freeze with vanilla cream. TGI Friday's introduced a dirty soda line that can be spiked with Jack Daniel's Tennessee whiskey. Sonic encourages customers to customize drinks with creamer and mix-ins.
The family investment office Larry H. Miller Co., associated with the late owner of the Utah Jazz, is Swig's investor. The firm brought in professional CEO Alex Dunn, who previously took companies public. Dunn frames Swig as doing for soda what Starbucks did for coffee. Tanner estimates the company now serves over 2,000 drinks during peak periods.
The business faces a structural vulnerability. The product is easily replicated by larger chains with existing distribution. Swig has no proprietary IP—it buys sodas off the shelf and adds standard ingredients. Once major competitors enter, differentiation erodes. From a founder and investor perspective, the upside is operational simplicity: staffing and margins are straightforward, and the unit economics appear strong enough to support an IPO ambition.