Lee Equity Is Pepperoni On Charlesbank’s Pizza

Wall Street Journal:

“Take ‘n’ Bake” pizza franchiser Papa Murphy’s made it out of the recession unscathed, unlike a lot of other restaurant concepts. That drew plenty of bidders when owner Charlesbank Capital Partners LLC was ready to sell.

Charlesbank is selling Papa Murphy’s to Lee Equity Partners LLC in a deal worth in the range of $180 million, according to sources. The deal generated a return of “several” times invested capital, according to one source.

Papa Murphy’s sells ready-made pizzas that consumers take home to bake. Charlesbank bought the company in 2004, liking the company’s low overhead, which enables it to sell pizza for 30% less than competitors. The convenience element drew customers, and its franchise model made for faster growth.

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