SCOTTSDALE Ariz. Peter Piper Inc., operator and franchisor of the namesake pizza chain headquartered here, has been acquired by ACON Investments, a Washington, D.C.-based private-equity firm that invests primarily in businesses serving the U.S. Hispanic trade. Terms were not disclosed. In a statement released Monday, ACON said that Peter Piper chief executive Frank Sbordone would continue to lead the 130-unit chain, and his management team would be retained.
In a statement released Monday, ACON said that Peter Piper chief executive Frank Sbordone would continue to lead the 130-unit chain, and his management team would be retained.
ACON said it was drawn to Peter Piper by the concept's family orientation, value pricing and concentration of stores in the Southwest and in Mexico.
“Peter Piper’s strong unit economics and outstanding same-store sales growth in recent years can be attributed to the value the chain offers its core customers, who are primarily families,” said Daniel Jinich, ACON’s managing partner. “We see a terrific opportunity to take advantage of the continued growth and expanding purchasing power of the Hispanic population, and believe that Peter Piper is well positioned to deliver a unique family dining experience to the Hispanic and non-Hispanic consumer alike.”
Peter Piper was founded in 1973 in Glendale, Ariz. The primarily franchised chain is scheduled to open another 20 units in 2007 and is expecting systemwide revenues to top $200 million.