According to a news report from freep.com, “Papa Romano’s Enterprises Inc. of Commerce Township is expected to sign a binding letter of intent today to acquire majority control of Stanford LLC Ltd., the licensing company for Stucchi’s.”
“Saline-based Stucchi’s, founded in 1986, is a manufacturer and wholesaler of premium ice cream. The company has nine licensed restaurants, about two dozen co-licensed locations and is sold in about 150 grocery and convenience stores,” said the story. “I have been looking for a dessert brand for quite awhile,” said Casey Askar, Papa Romano’s chairman and CEO. Askar said his goal is to build a multi-brand food and restaurant company similar to Yum! Brands Inc., which owns KFC, Pizza Hut, Taco Bell and Long John Silver’s. Papa Romano’s acquired an equity stake in Mr. Pita in October. The two companies had combined systemwide sales of about $34 million last year.”
