Papa Murphy's Recapitalized By Charlesbank Capital Partners

Take 'N' Bake pizza chain poised for exceptional growth

(Sunday, January 04, 2004) - Papa Murphy's Take 'N' Bake Pizza, the world's largest and fastest growing take-and-bake pizza chain, announces its recapitalization by Charlesbank Capital Partners. The partnership with the Boston-based private equity investment firm with more than $1 billion of capital under management will boost Papa Murphy's already vigorous expansion plans.

"The take-and-bake concept has tremendous potential, and we are the leader in the field," says Papa Murphy's Chairman and CEO Terry Collins. "We are very excited about our new relationship with Charlesbank. The recapitalization, combined with the strength of our existing franchise network and management team, will really help to step-up our growth plans."

With 75 new stores set to open this year, and 200 more locations under development, Papa Murphy's will reach the 1,000 store mark. This growth can be directly attributed to an increase in multi-unit and individual owner operators, new territories, increased units in existing markets and comparable store sales trending up double digits throughout second quarter, 2004.

"A significant element of Papa Murphy's future growth strategy will be non-traditional locations such as grocery stores, retail outlets and military bases," says Peter Fowler, vice president of business development. "Although we are in the early stages of development, moving into these areas has proven to be a perfect match for our concept, our non-traditional partners and most importantly our customers. Expanding Papa Murphy's points of distribution in this way will compliment our successful growth with traditional retail locations," he adds.

Terry Collins formed Papa Murphy's in 1995 when he merged Petaluma, Calif.-based Murphy's Pizza (54 stores) with Hillsboro, Ore.-based Aldo's Pizza (86 stores). Priding itself on always using the freshest ingredients and delivering outstanding value to consumers, Papa Murphy's has experienced significant growth in recent years as more consumers have taken to the idea of ordering a customized pizza that they can cook at home.

About Papa Murphy's
Papa Murphy's is the sixth largest pizza chain in the country and the pioneer of Take 'N' Bake pizza. The Vancouver, Wash.-based company offers custom-made specialty pizzas with the freshest toppings. There are more than 825 Papa Murphy's locations in 24 states and the company plans to open additional new restaurants in 2005, bringing the concept to more than 1,000 domestic locations. Papa Murphy's pizzas are available for pick-up and baked fresh at home in your own oven. In addition to its pizza products the company offers a wide spectrum of Take 'N' Bake food, including lasagna, calzones, cheesy bread, chocolate chip cookie dough and dessert pizzas. Papa Murphy's was selected Best Pizza Chain in America in 2003 by Restaurants and Institutions magazine and Pizza Chain of the Year in 2001 by Pizza Today magazine. Papa Murphy's doesn't have freezers in its restaurants, just quality fresh ingredients!

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