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Papa Murphy's
Company typePublic
Nasdaq: FRSH
IndustryFast food restaurants
Founded1995
HeadquartersVancouver, Washington
Number of locations
1,500+
Key people
Weldon Spangler (CEO)
ProductsPizza
Revenue$800 million
Websitewww.papamurphys.com

Papa Murphy's, a business based in Vancouver, Washington, United States, is a take-and-bake pizza company.[1] It began in 1995 as the merger of two take-and-bake pizza companies: Papa Aldo's Pizza (founded in 1981) and Murphy's Pizza (founded in 1984). 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 United States.[2][failed verification]

History

The chain of take and bake pizzerias traces its history back to 1981, when the Papa Aldo's Pizza chain was founded in Hillsboro, Oregon. Three years later, Murphy's Pizza chain began operating in Petaluma, California. Both chains were later acquired and consolidated by Terry Collins into Papa Murphy's. 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.[3] The company was merged with PMI Holdings, Inc. in 2004.

A Papa Murphy's in Gillette, Wyoming

Papa Murphy's won the platinum award for Consumers’ First Choice in pizza chains in 2006,[4][failed verification] and was also winner of Pizza Today's 2001, 2006, 2008, and 2009 Chain of the Year. 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] Following a loss in the third quarter of 2016, the company announced that it would launch its first national advertising campaign in 2017.[15]

Initial public offering

Papa Murphy's (FRSH) was added to the Nasdaq May 2, 2014, raising $64.1 million in shares.[16]

Papa Murphy's Pizza in Mooresville, Indiana

Operations

Orders are available by walk-in, order online, or call-in. 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 homes. 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.[17][failed verification] Papa Murphy's also offers salads, chocolate chip cookie dough, cheesy bread, cinnamon wheels, smores dessert pizzas, and soft drinks in various sizes.

Franchise

Papa Murphy’s ranked No. 5 on Forbes magazine’s list of the top 20 restaurant franchises to buy in 2011.[18][19]

See also

References

  1. ^ Papa Murphy’s Take ‘N’ Bake Pizza | Pizza Marketplace
  2. ^ Press Room | Papa Murphy’s
  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. ^ Quick-Service and Fast Casual Restaurant News and Information - QSR magazine
  7. ^ Papa Murphy’s Wins Award for Franchisee Satisfaction - Restaurant News - QSR magazine
  8. ^ New Study Reveals America’s Favorite Quick-Service Chains - Restaurant News - QSR magazine
  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. ^ Jennings, Lisa (2 November 2016). "Papa Murphy's to launch first-ever national ad campaign in 2017". Retrieved 4 November 2016.
  16. ^ Papa Murphy's shares rise modestly on public debut | Corporate News content from Nation's Restaurant News
  17. ^ "Take-n-Bake Pizza Concepts Expand East; Papa Murphy's Leads the Way".
  18. ^ Papa Murphy’s chain named to Forbes franchise list | The Columbian
  19. ^ Davis, Levi; Farrell, Maureen (18 January 2011). "In Pictures: The Top 20 Franchises To Start". Forbes.
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