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MTY completes Papa Murphy’s acquisition

Pizza brand joins parent of TCBY Frozen Yogurt, Cold Stone Creamery and Planet Smoothie

Canadian franchisor MTY Food Group Inc. completed its $190 million acquisition of take-and-bake pizza chain Papa Murphy’s Holdings Inc on Thursday, the company said.  

Vancouver, Wash.-based Papa Murphy’s joins MTY Food Group’s various multi-concept brands including TCBY Frozen Yogurt, Cold Stone Creamery, Baja Fresh, Pinkberry and Planet Smoothie.

Under the agreement announced in April, Montreal-based MTY acquired Papa Murphy’s common stock for $6.45 USD per share, a transaction valued at $190 million USD (C$253.2 million), including Papa Murphy’s outstanding net debt.

As a result of the acquisition, shares of Papa Murphy's stock ceased trading prior to the open of the market on Thursday and will no longer be listed on the Nasdaq Stock Market.

National Bank Financial Inc. acted as financial adviser to MTY and Fasken Martineau DuMoulin LLP and Morrison & Foerster LLP acted as its legal advisers. North Point Advisors LLC acted as exclusive financial adviser to Papa Murphy's and Perkins Coie LLP acted as its legal adviser.

MTY Food Group franchises and operates quick-service and casual-dining restaurants under about 75 different banners with a 7,400 locations throughout North America. Papa Murphy's operates more than 1,400 franchised and corporate-owned stores in 37 U.S. states, Canada and the United Arab Emirates.

Contact Gloria Dawson at [email protected]

Follow her on Twitter: @GloriaDawson

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