Chain slated to open 20 new restaurants this year
Scottsdale, Ariz. – Peter Piper Pizza, the Southwest’s premier pizza and entertainment chain, has been acquired by ACON Investments, a Washington, D.C.-based private equity firm.
The purchase price was not disclosed. The company will continue to be led by President and CEO Frank Sbordone and other members of the existing management team, who expect to accelerate the concept’s growth with 20 new locations set to open this year. Annual revenues for the chain are expected to exceed $200 million in 2007.
Expansion is expected to include company-owned restaurants in Arizona and Texas and franchised locations in selected markets, including six new restaurants in the Republic of Mexico. Efforts will be accelerated to recruit additional domestic franchise partners who can launch the company’s presence in new U.S. markets with a focus on the western third of the country – including Portland, Seattle, Denver, Salt Lake City, San Francisco and San Jose, Calif., and throughout Orange, Riverside and San Bernardino counties in Southern California.
Last year, Peter Piper was ranked in the top 15 pizza chains by sales nationwide by Technomic, Inc. Food Industry Group. “We’ve been opening new restaurants steadily at a five to-10 percent rate for the past several years, and this investment by ACON enables us to increase that,” said Sbordone. “A great deal of energy has gone into this concept recently, including enhanced branding efforts, new menu items, a new restaurant design and a large investment in remodeling our restaurants. We’ve got a great framework in place and we’re excited at the opportunity to introduce the Peter Piper brand in new markets and share it with new franchise partners.”
According to Daniel Jinich, Managing Director of ACON Investments, “Peter Piper Pizza is a great match for us because they offer what families today are looking for – a place where everyone can enjoy themselves with great food at very reasonable prices. We see amazing long-term growth potential with this brand. They were just included in Entrepreneur magazine’s Franchise 500 list this month, which is a great indicator of the success of their formula.”
About Peter Piper, Inc.
Peter Piper, Inc., is based in Scottsdale, Ariz., and is the Southwest’s leading family pizza and entertainment restaurant chain. The company and its franchisees operate 132 restaurants in Arizona, California, Nevada, Texas, New Mexico and the Republic of Mexico, and have been satisfying guests for more than 30 years. The restaurant locations offer an abundance of dining and entertainment options. For more information, contact Peter Piper, Inc. at (480) 609-6400 or visit www.peterpiperpizza.com.
About ACON Investments
ACON Investments is a Washington, D.C.-based private equity firm that manages private equity funds and special purpose partnerships in the U.S., Europe and Latin America. Founded in 1997, ACON and its principals have managed more than $1 billion of capital. ACON pursues a theme-based investment strategy by focusing on industries and businesses at key inflection points in their development and pursues these opportunities in close partnership with established management teams. ACON has offices in Washington, D.C.; Los Angeles; and Madrid, Spain.