VANCOUVER, Wash. — Eager to have 1,000 stores by the end of 2005, Papa Murphy's Take 'N' Bake Pizza reported it has undertaken a large-scale recapitalization with Charlesbank Capital Partners in Boston.

"The recapitalization, combined with the strength of our existing franchise network and management team, will really help to step-up our growth plans," Papa Murphy's Chairman and CEO Terry Collins said in a news release.

The 825-unit company plans to open a total of 75 new stores this year and has 200 more locations under development. According to the release, the company's comparable-store sales are "trending up double digits" for the second quarter of 2004.

Much of the new growth will come from non-traditional locations such as grocery stores, retail outlets and military bases, the release said.

"Although we are in the early stages of development, moving into these areas has proven to be a perfect match for our concept, our non-traditional partners and most importantly our customers," said Peter Fowler, vice president of business development. "Expanding Papa Murphy's points of distribution in this way will complement our successful growth with traditional retail locations."

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