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Vancouver’s Papa Murphy’s pizza chain to be acquired

By Cami Joner
Published: April 1, 2010, 12:00am

o What: International take-and-bake pizza company.

o Headquarters: Vancouver.

o What’s new: The company has been purchased by Lee Equity Partners, a New York-based private equity firm.

o President and chief executive officer: John Barr.

o Local employees: 75.

o Franchise outlets: 1,200.

o 2009 revenue: $639 million.

Vancouver-based Papa Murphy’s International said Thursday it has cooked up a deal with a New York private equity firm to purchase the pizza chain for an unknown pile of dough.

The sales price for the 1,200-unit take-and-bake chain was not disclosed, nor were other terms of the transaction between the buyer, New York-based Lee Equity Partners, and Papa Murphy’s majority owner, Charlesbank Capital Partners. The transaction is expected to close within three months.

Papa Murphy’s expects the deal to position the company for a new phase of expansion. The franchise chain operates stores in 35 states and Canada.

o What: International take-and-bake pizza company.

o Headquarters: Vancouver.

o What's new: The company has been purchased by Lee Equity Partners, a New York-based private equity firm.

o President and chief executive officer: John Barr.

o Local employees: 75.

o Franchise outlets: 1,200.

o 2009 revenue: $639 million.

“We are going to extensively grow in the southeastern area of the country,” said Lindsi Miller, director of corporate communications and marketing for Papa Murphy’s.

In 2011, the company plans to add 50 franchise stores throughout Georgia, North Carolina, South Carolina, Florida, Tennessee and Louisiana, Miller said.

Since 2004 when Papa Murphy’s was purchased by Boston-based Charlesbank, its pizza sales have increased by more than 63 percent, said John Barr, chairman and chief executive officer of Papa Murphy’s.

The chain reported $639 million in sales in 2009, a 7 percent increase from 2008. Same-store sales were up 2 percent last year.

Lee Equity Partners has acquired a variety of companies including Snapple Beverage Corp., PetCo Animal Supplies Inc., Dunkin’ Brands Inc. and Ghirardelli Holdings Corp. Miller said the new ownership would not change Papa Murphy’s corporate operation, which employs 75 people in offices near Westfield Vancouver mall.

“No changes here are expected,” she said.

The Vancouver management team will continue to execute Papa Murphy’s strategy for growth, said Thomas Lee, president of Lee Equity Partners.

“We are very excited about the expansion possibilities into areas of the country where they have little or no presence today,” he said.

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