STRATEGIC PARTNERS
November 7, 2018
PGHC Holdings Inc., parent company of New England pizza chain Papa Gino's Pizzeria, has filed Chapter 11 for bankruptcy protection and said it has an agreement in principle to sell both the pizza chain and its other QSR, D'Angelo sandwich shops, according to the Boston Herald.
The chain this week closed 95 restaurants, which the PGHC told the Herald was necessary to deal with the company's debt structure. The proposed sale to Wynnchurch Capital requires court approval, but PGHC leadership issued a statement to say it is seeking other offers to maximize sale value for stockholders and others.
Chicago-based Wynnchurch Capital is a private equity investment firm which specializes in restructurings.
Papa Gino's was founded in East Boston in 1961, while D'Angelo's began in 1967. The bankruptcy filing allows PGHC to maintain normal business operations as it pursues the sale.
