Papa Murphy's

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Papa Murphy's
Type Public
Traded as NYSEFRSH
Industry Fast food restaurants
Founded 1981
Headquarters Vancouver, Washington
Number of locations ~1,425
Products Pizza
Revenue $800 million
Website papamurphys.com

Papa Murphy's, a business based in Vancouver, Washington, United States, is a take-and-bake pizza company.[1] Started in 1981 as Papa Aldo's Pizza and 1984 as Murphy's Pizza, the two chains merged in 1995. The company and its franchisees operate more than 1,300 outlets in the United States and Canada. Papa Murphy's is the fifth-largest pizza chain in the country.[2]

History[edit]

The chain of take and bake pizzerias traces its history back to 1981, when the Papa Aldo's Pizza chain was begun in Hillsboro, Oregon. Three years later Murphy's Pizza chain began in Petaluma, California. Eventually both chains were acquired by Terry Collins, who in 1995 merged the two chains into the Papa Murphy's chain. The chain was incorporated as Papa Murphy's International, Inc. In 2003, Papa Murphy's was voted "Best Pizza Chain in America" by Restaurants and Institutions Magazine and have been every year since.[3] The company was merged with PMI Holdings, Inc. in 2004.

Papa Murphy's won the platinum award for Consumers’ First Choice in pizza chains in 2006.[4] Winner of Pizza Today's 2009 Chain of the Year, as well as in 2001, 2006, and 2008. Papa Murphy’s Pizza was voted #1 Rated Pizza Chain for the third consecutive year, according to more than 10,500 respondents in Zagat’s 2012 Fast-Food Survey.[5] in 2013 QSR (Quick Service Restaurant) Magazine,[6] recognized Papa Murphy’s with a 2013 Franchisee Satisfaction Award [7] and in 2014 as top Top Pizza Chain and was rated first for both quality and healthy food.[8]

In 2010, the chain sold out to Lee Equity Partners of New York.[9][10] Sales for the chain totaled $702 million in 2011,[11] which grew to $800 million in 2012 from 1,350 outlets.[12] Reuters reported in 2013 that Papa Murphy’s New York parent, Lee Equity Partners, was preparing a public offering for the take-and-bake pizza chain.[13] Official plans for the IPO were announced in March 2014.[14]

Lawsuit[edit]

Papa Murphy's is being sued currently by 20 franchises over misrepresenting and omitting key facts about the chain's financial performance and advertising in franchise disclosure documents.[15][16][17]

IPO[edit]

Papa Murphy's (FRSH) was added to the Nasdaq May 2, 2014 raising $64.1 million in shares.[18]

Operations[edit]

Orders are available by walk-in, call-in and online. Some stores have a drive-thru window where customers can pick up call-in orders. Unlike regular pizza establishments, the pizza is made at the store but is not baked there. Instead, consumers bake the pizzas at their houses. According to Nation's Restaurant News, take-and-bake pizzerias typically have lower costs because they require less restaurant space and equipment. As a result, they are often able to undercut the national pizza giants.[19] Papa Murphy's also offers salads, chocolate chip cookie dough, cheesy bread, cinnamon wheels, smores dessert pizzas, soft drinks in various sizes, and in some locations, lasagnas and chicken wings.

Papa Murphy's Pizza in Mooresville, Indiana

Locations[edit]

There are currently over 1,425 stores In 38 states, plus fourteen more in Canada and three in Dubai, UAE. Nearly all of the stores are franchised. Because Papa Murphy's pizzas are unbaked, many states allow them to be purchased with EBT or food stamps—similar to purchasing unbaked or frozen pizzas in the supermarket.[20]

Franchise[edit]

Papa Murphy’s ranked No. 5 on Forbes magazine’s list of the top 20 restaurant franchises to buy in 2011.[21][22]

References[edit]

  1. ^ Papa Murphy’s Take ‘N’ Bake Pizza | Pizza Marketplace
  2. ^ http://www.papamurphys.com/Press-Release?id=112
  3. ^ Papa Murphy's International, Inc. - Company History
  4. ^ Consumers' Choice in Chains - Restaurants & Institutions
  5. ^ "Zagat's: Papa Murphy's top pizza chain". 
  6. ^ http://www.qsrmagazine.com/
  7. ^ http://www.qsrmagazine.com/news/papa-murphy-s-wins-award-franchisee-satisfaction
  8. ^ http://www.qsrmagazine.com/news/new-study-reveals-america-s-favorite-quick-service-chains
  9. ^ "Papa Murphy's sold to NY-based Lee Equity Partners". The Oregonian. The Oregonian. April 1, 2010. Retrieved April 1, 2010. 
  10. ^ "Vancouver-based Papa Murphy's sale wraps up". The Oregonian. May 6, 2010. Retrieved 7 May 2010. 
  11. ^ Culverwell, Wendy (November 16, 2012). "Papa Murphy's adds first local store in four years". Portland Business Journal. Retrieved 18 November 2012. 
  12. ^ Culverwell, Wendy (July 30, 2013). "An IPO for Papa Murphy's?". Portland Business Journal. Retrieved 31 July 2013. 
  13. ^ "An IPO for Papa Murphy's?". 
  14. ^ Stevens, Suzanne (March 12, 2014). "Papa Murphy's announces plans for an IPO". Portland Business Journal. Retrieved 13 March 2014. 
  15. ^ http://www.columbian.com/news/2014/apr/08/papa-murphys-sued-by-franchisees/
  16. ^ http://www.forbes.com/sites/caroltice/2014/04/07/angry-papa-murphys-store-owners-sue-as-company-preps-ipo/
  17. ^ http://www.bluemaumau.org/13797/franchisees_sue_papa_murphy%E2%80%99s_23m_plus_alleging_fraud_misrepresentation
  18. ^ http://nrn.com/corporate-news/papa-murphys-shares-rise-modestly-public-debut
  19. ^ "Take-n-Bake Pizza Concepts Expand East; Papa Murphy's Leads the Way".
  20. ^ http://nrn.com/corporate-news/papa-murphys-shares-rise-modestly-public-debut
  21. ^ http://www.columbian.com/news/2011/feb/03/02-03-biz-briefs/
  22. ^ Davis, Levi; Farrell, Maureen (18 January 2011). "In Pictures: The Top 20 Franchises To Start". Forbes. 

External links[edit]