VANCOUVER Wash. Papa Murphy’s International confirmed Wednesday that its private-equity parent company, Charlesbank Capital Partners LLC, has hired North Point Advisors to explore a sale of the take-and-bake pizza chain.
Papa Murphy’s, which franchises nearly all of its 1,100 locations, was purchased by Boston-based Charlesbank Capital about five years ago. While many in the pizza segment have struggled, Papa Murphy’s take-home pizza offerings have been nearly recession-resistant. The chain opened more than 100 locations during each of the past two years and has posted positive same-store sales growth.
“Charlesbank and Papa Murphy’s International have engaged North Point Advisors to assist in evaluating strategic alternatives that will yield a solid return to Charlesbank’s limited partners, consistent with its original commitment to them,” Papa Murphy’s spokeswoman Lindsi Miller said in a statement.
Earlier this year, Papa Murphy’s president and chief operating officer, as well as its chief marketing officer resigned. John Barr is the company’s current chief executive.
North Point Advisors, based in San Francisco, has worked on numerous deals in the restaurant industry, including P.F. Chang’s China Bistro Inc.’s investment in True Food Kitchen; Friedman Fleischer & Lowe LLC’s purchase of Church’s Chicken; and Pinkberry’s and Jamba Juice’s equity placements.
Contact Sarah Lockyer at [email protected].