Sept. 3, 2009
Papa Bello Enterprises CEO Chase Canfield has sold 20 million shares of stock to Aero Financial, giving Aero a majority ownership stake in the pizza franchising company. As controlling owner, Aero will continue to provide financial, consulting and communications services to Papa Bello.
Aero Financial is a diversified holding company specializing in strategic advisory and consulting services.
In accordance with the transaction, Chase Canfield will resign his position as CEO with Papa Bello to allow him to pursue other business opportunities while actively consulting with the company and assisting in the transition process. Jim Price, CEO and chairman of Aero Financial, will become Papa Bello's interim CEO.
"We have been working with the company for almost two years, and we sincerely believe that it has the potential to become one of the most successful franchises in the industry," Price said. "Their business plan has been well thought out, and they have hit many of their growth projections ahead of schedule. We believe that through this transaction Papa Bello will continue its growth, both domestically and worldwide."