MTY and Papa Murphy’s Announce Merger Agreement

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MONTREAL — MTY Food Group Inc. has entered a definitive merger agreement with Papa Murphy’s Holdings, Inc. — a transaction valued at approximately $253.2 million.

Papa Murphy’s is a franchisor and operator of the largest take-and-bake pizza brand and the fifth-largest pizza chain in the U.S., with more than 140 location in the U.S., Canada and the UAE. In addition to scratch-made pizzas, Papa Murphy’s offers a growing menu of grab-and-go items, including salads, sides and desserts.

“This is an important transaction for MTY as we add a brand with a differentiated position in pizza to our existing U.S. portfolio. We are thrilled about the prospect of welcoming the Papa Murphy’s brand, its franchise partners and employees, to the MTY family,” says Eric Lefebvre, CEO of MTY. “We expect the combination of these two companies and the expertise it brings to produce tremendous opportunities for MTY’s U.S.-expansion objectives.”

The terms and conditions of the merger agreement were unanimously approved by the boards of directors of both companies. The transaction is subject to customary closing conditions including receipt of applicable regulatory approvals.

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