At what enterprise value was PAPA MURPHY'S acquired in 2019?

During the acquisition of PAPA MURPHY'S by MTY FOOD GROUP in 2019, the transaction's Enterprise Value is estimated to be in the range of 100M - 350M USD.

What was the EV/EBITDA of PAPA MURPHY'S when it was acquired by MTY FOOD GROUP?

The estimated EV/EBITDA multiple for PAPA MURPHY'S is in the range of 5x - 12x.

When was PAPA MURPHY'S acquired by MTY FOOD GROUP?

PAPA MURPHY'S was acquired by MTY FOOD GROUP in 2019.

What was the revenue of PAPA MURPHY'S at the time of the deal?

The revenue of PAPA MURPHY'S at the time of the deal is estimated to be in the range of 100M - 200M USD.

What was the EBITDA of PAPA MURPHY'S during the acquisition?

PAPA MURPHY'S's EBITDA is estimated to be in the range of 25M - 50M USD.

How is the data for the PAPA MURPHY'S acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the PAPA MURPHY'S deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.fasken.com/en/experience/2019/04/mty-food-group-acquires-papa-murphys-for-c$253-million

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Home Database Retail & ConsumerPAPA MURPHY'S

04/2019

PAPA MURPHY'S acquired by MTY FOOD GROUP

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV 100M - 350M USD

Context

MTY Food Group Inc., a leading Canadian multi-brand restaurant franchisor, announced on April 11, 2019, that it had entered into a definitive merger agreement to acquire Papa Murphy's Holdings, Inc., the largest U.S. take-'n'-bake pizza chain. The acquisition represented MTY's strategic entry into the massive U.S. pizza category, bringing the fifth-largest pizza chain by system size into its diversified portfolio. Papa Murphy's distinctive take-'n'-bake model—freshly handcrafted pizzas sold ready-to-bake at home—offered clear differentiation from traditional pizza delivery and dine-in competitors while capitalizing on growing consumer demand for convenient, high-quality home meal solutions. The deal added 1,437 locations across 37 U.S. states, Canada, and the UAE to MTY's existing network, significantly strengthening its U.S. presence and creating immediate category leadership in pizza franchising. This cross-border transaction exemplified franchise platform consolidation, demonstrating strong investor appetite for category-defining concepts within fragmented markets.

PAPA MURPHY'S, which reported an EBITDA margin of in 2018, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.0x).

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Target

Papa Murphy's Holdings, Inc. is the franchisor and operator of the largest take-'n'-bake pizza brand and the fifth-largest pizza chain in the United States, headquartered in Vancouver, Washington, United States. The company specializes in fresh, hand-crafted pizzas made with high-quality ingredients that customers bake at home, along with salads, sides, and desserts. As of December 31, 2018, Papa Murphy's operated 1,437 locations: 1,331 franchised and 106 corporate-owned stores across 37 U.S. states, Canada, and the United Arab Emirates. The chain has received over 60 industry awards since 2001 from sources like Zagat, Consumer Reports, and Technomic for best pizza chain. The business model emphasizes franchise growth, digital ordering, and a customizable experience capitalizing on dine-in trends with convenient home baking. Revenue came from franchise royalties, company store sales, and advertising fees. Strategically, the company implemented a refreshed corporate strategy focusing on digital platforms and brand refocus, creating positive momentum.

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REFERENCES

Valuation range: EV 100M - 350M USD

Revenue range: 100M - 200M USD

EBITDA range: 25M - 50M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PAPA MURPHY'S by MTY FOOD GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: papa murphy's

Acquirer: mty food group