News

Papa Murphy’s acquires nine Minneapolis stores for $3.4M

September 15, 2014

Papa Murphy's Holdings Inc. announced Friday it has acquired nine Papa Murphy's stores in Minneapolis for approximately $3.4 million.

According to a news release, the company completed the acquisition of the locations from a single franchisee in mid-August, bringing the company-owned store count to 24 units in the Minneapolis market. The brand currently has 78 company- and franchise-owned units in that market.

Five new stores are expected to open in Minneapolis by the end of 2015.

"With the acquisition of these stores, we are further solidifying our commitment to and belief in the significant growth opportunity for the brand that exists in the Minneapolis market," CEO Ken Calwell said in a news release. "Minneapolis, our largest market for company-owned stores and our third largest market system-wide, continues to be an important and strong performing DMA for our brand. As we look to expand our presence in both existing and new markets, we will continue to explore strategic opportunities that are in alignment with our growth strategy."