Pizza Wars might just have entered a whole new phase today when Pieology Pizzeria announced it is acquiring its competitor, Project Pie — the first fast casual pizza chain to essentially get rid of a major competitior by buying it in recent memory, according to a news release. The move sets up Pieology to not only grow organically, but possibly begin segment consolidation as part of its expansion strategy.
The acquisition comes soon after the chain announced a big investment and partnership with Panda Restaurant Group and the Cherng Family.
"I have long said that consolidation was the future for the fast casual pizza segment," said Pieology founder and CEO Carl Chang. "The Project Pie purchase provides us with an opportunity to strategically accelerate our growth and we're proud to make this first big move of hopefully many to come. We're taking a different approach to how we’re managing our growth and the segment overall, and we have both the experience and the strategic and financial support to begin merging the category in a calculated manner."
The Pieology pizza chain already has 100 U.S. locations and is committed to opening more than 750 additional locations in coming years. Today's purchase announcement came in a news release that also stated that the chain will "continue to pursue accretive acquisitions within the segment in its ongoing efforts to cement its place as the category leader."
Chang said they move forward after the acquisition on good terms with Project Pie franchise partners and staff.