Peter Piper Pizza getting served up at auction block
PHOENIX -- Peter Piper Pizza is getting ready to be auctioned.
According to the Wall Street Journal, Sponsor Acon Investments is putting the Phoenix-based pizza chain up for sale.
The firm hired to run the process is North Point Advisors, an investment bank that specializes in restaurant mergers and acquisitions. The offer has already attracted both financial firms and strategic buyers.
Currently, Peter Piper Inc. has $15 million in year-to-date earnings before interest and taxes.
The chain was founded in 1973 and its flagship restaurant is located in Glendale, Ariz.
Peter Piper Pizza currently has 32 company-owned locations and 113 franchises, including two that opened in June in the southwestern U.S. and Mexico.