Papa Murphy's International announced the completion of its sale to New York-based Lee Equity Partners. Its previous owner was Charlesbank Capital Partners of Boston. Terms and details of the deal are not being disclosed.
"We have worked very hard to complete this transaction, and we are all eager to get on with the next chapter in the life of the Papa Murphy's brand," said John Barr, Chairman and CEO of Papa Murphy's. "The management team here and our partners at Lee Equity are optimistic and excited about the future."
The strength of the management team and the potential for growth were two key factors that attracted Lee Equity Partners to the take â€˜n' bake pizza pioneer. "We're in active dialogue with John and his team about avenues for growth and expansion of the brand's presence," said Thomas H. Lee, President of Lee Equity Partners. "Their track record indicates they know how to manage growth strategically, so we want to do what we can to support and enhance those efforts.
The company plans to introduce key members of the Lee Equity team to its franchisee community at its national convention this summer in San Diego.