VANCOUVER, WASH. — New York-based private equity firm Lee Equity Partners has reached agreement to acquire the Papa Murphy’s Take ‘N’ Bake pizza chain from its majority owner, Charlesbank Capital Partners. Financial terms were not disclosed.
The transaction, which will include nearly 1,200 Papa Murphy’s units located throughout 35 states and Canada, is expected to close in the second quarter of 2010.
“Charlesbank has been a great value-added partner, and I credit much of our strong position in the current marketplace to their support over the years,” said John Barr, chairman and chief executive officer of Papa Murphy’s. “This new chapter with Lee Equity will undoubtedly benefit all of the brand’s stakeholders, including our franchisees, employees and vendors. I look forward to working together to provide an even stronger foundation for expansion and profitable growth.”
Papa Murphy’s is the fifth largest pizza chain in the United States and is considered a pioneer in the Take ‘N’ Bake pizza category. In addition to pizza the company offers Cheesy Bread, Cinnamon Wheels and chocolate chip cookie dough.