Papa Murphy’s joins the likes of Pinkberry, Cold Stone Creamery and TCBY in MTY’s growing portfolio of franchisors.
The trend of mergers and acquisitions permeating the food service industry continued this week as Canadian brand operator MTY Food Group Inc. announced it has acquired Papa Murphy’s Pizza on Thursday.
MTY bought the take-and-bake pizza franchise for $6.45 per share, giving the deal a valuation of $190 million. The restaurant brand parent company owns multiple franchise brands, including Pinkberry, Cold Stone Creamery, TCBY Frozen Yogurt and Planet Smoothie, among others.
According to an article in QSR Magazine, MTY’s combined network will represent roughly 7,378 stores globally as a result of the deal. Nation’s Restaurant News also noted that as of February 2019, MTY was operating 500 locations in 39 countries outside North America and the franchisor “anticipates working with Papa Murphy’s moving forward on growing top line sales and increasing franchise partner profitability.”
Read the full announcement here.