MTY to buy Lee Equity-backed Papa Murphy’s in $253 mln deal
MTY Food Group Inc (TSX: MTY) has agreed to acquire Papa Murphy’s Holdings Inc (Nasdaq: FRSH), a Vancouver, Washington-based franchisor and operator of the Take ‘n’ Bake pizza brand. MTY agreed to pay US$6.45 per share, representing a total value of about US$190 million, or $253.2 million, including debt. The deal is expected to close in Q2 2019. MTY, a Montréal-based franchisor and operator of quick-service and casual dining restaurants, said the acquisition will support its U.S. market expansion goals. Papa Murphy’s was taken public in 2014 by Lee Equity Partners. The U.S. private equity firm continues to hold a stake in the business.
11 April 2019•8 mins read
