Dec. 30, 2009
Papa Bello Enterprises Inc. has announced in a statement that it has closed its acquisition of Pastore's of Rosedale. Pastore's is a Baltimore-based Italian deli, bakery and grocery store with two locations in the greater Baltimore Area. This acquisition will bring in an additional revenue stream to Papa Bello. Also, Pastore's will help integrate its successful delivery and catering business model, allowing Papa Bello stores to further develop their territories and provide an attractive franchise opportunity for entrepreneurs.
"From the very beginning, we felt that the Pastore's acquisition would be a significant part of our reorganization and growth plan," said Jim Price, Papa Bello's CEO. "The acquisition immediately provides an additional $1.5 million in revenue as well as positive cash flow. In addition, the added revenue will allow us to negotiate and lower food costs across all brands, thus increasing operating margins."
Pastore's has built a very strong presence in the Baltimore area and found success building out its catering and delivery model. Price said the company believes that its expertise and experience will allow Papa Bello to to better develop its restaurant concepts.
Pastore's has recently signed a Tenant Rep Agreement with Trout Daniel and Associat LLC, located in Baltimore to identify new locations for expansion in the Mid-Atlantic States.