Lee Equity completes purchase of Papa Murphy's
May 6, 2010
by Eric Schroeder
VANCOUVER, WASH. – New York-based Lee Equity Partners has completed its acquisition of Papa Murphy’s International from Charlesbank Capital Partners of Boston. Financial terms and details of the transaction were not disclosed.
“We have worked very hard to complete this transaction, and we are all eager to get on with the next chapter in the life of the Papa Murphy's brand,” said John Barr, chairman and chief executive officer of Papa Murphy’s. “The management team here and our partners at Lee Equity are optimistic and excited about the future.”
Thomas H. Lee, president of Lee Equity Partners, said the strength of the Papa Murphy’s management team and the potential for growth were two key factors that attracted the equity firm to acquire the take-and-bake pizza company. He said Lee Equity will explore avenues for growth and expansion of the brand’s presence.
“Their track record indicates they know how to manage growth strategically, so we want to do what we can to support and enhance those efforts,” Mr. Lee said.
Papa Murphy’s is the fifth largest pizza chain in the United States and is considered a pioneer in the take-and-bake pizza category, which involves a pizza being made at a retail outlet and consumers taking the pizza home and baking it there. In addition to pizza the company offers Cheesy Bread, Cinnamon Wheels and chocolate chip cookie dough.