Papa Murphy's Announces Refranchising Transaction in Colorado
April 19 2018 - 4:23PM
Papa Murphy's Holdings, Inc. (NASDAQ:FRSH) announced today the
refranchising of Company-owned stores in Colorado to Fresh Take,
LLC, an entity owned by existing franchise owners Ryan McCallister,
Tyler Ross and Brad Seymore.
Following the transaction, Fresh Take, LLC will
operate a total of 28 Papa Murphy’s stores across the state of
Colorado. Papa Murphy’s remains focused on refranchising the
majority of Company-owned stores and expects to operate around 60
Company-owned stores by the end of 2018. The cash flow generated
from refranchising is expected to be used for debt paydown.
"Combined, Ryan, Tyler and Brad have been
successful Papa Murphy’s franchise owners for 22 years. Their
passion for the brand makes them the ideal franchise owners to grow
with,” said Mark Hutchens, executive vice president and chief
operating officer of Papa Murphy’s. “We look forward to completing
similar refranchising transactions in the coming months as we move
towards our goal of returning to a 95 percent franchise mix by
2020.”
"We’re looking forward to growing our Papa
Murphy’s portfolio,” said Ryan McCallister, of Fresh Take, LLC.
“We’re excited to serve even more Papa Murphy’s customers,
empowering them to make delicious, home-baked meals.”
“We believe in the strength of the Papa Murphy’s
brand and are proud of our unique and high quality product,” said
Tyler Ross of Fresh Take, LLC. “As we expand our reach, we remain
committed to providing our customers with an exceptional Papa
Murphy’s experience.”
Hutchens continued, "We are confident that as we
execute on our refranchising strategy and focus on our asset-light
franchise business model, we will improve the capital efficiency of
our company and, in-turn, grow shareholder value. The financial
commitment our existing franchise owners are making as they grow
through refranchising demonstrates the strong economic opportunity
of Papa Murphy’s.”
For additional information on Papa Murphy's
franchise opportunities and current development incentives, please
visit http://www.papamurphysfranchise.com/.
FORWARD-LOOKING STATEMENTS
This press release, as well as other information
provided from time to time by Papa Murphy's Holdings, Inc. or its
employees, may contain forward-looking statements that involve
risks and uncertainties that could cause actual results to differ
materially from those anticipated in the forward-looking
statements. Forward-looking statements give the Company's current
expectations and projections relating to the Company's financial
condition, results of operations, plans, objectives, future
performance and business. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as “guidance,” “anticipate,” “estimate,” “expect,” “forecast,”
“project,” “plan,” “intend,” “believe,” “confident,” “may,”
“should,” “can have,” “likely,” “future” and other words and terms
of similar meaning in connection with any discussion of the timing
or nature of future operating or financial performance or other
events.
Forward-looking statements in this press release
include statements relating to the Company’s projected
Company-owned store count, projected refranchising activities, and
future financial or operational results and business strategy,
including the expected effects of our strategic initiatives.
Any such forward-looking statements are not
guarantees of performance or results, and involve risks,
uncertainties (some of which are beyond the Company's control) and
assumptions. Although the Company believes any forward-looking
statements are based on reasonable assumptions, you should be aware
that many factors could affect our actual financial results and
cause them to differ materially from those anticipated in any
forward-looking statements. Please refer to the risk factors
discussed in the Company’s annual report on Form 10-K for the
fiscal year ended January 1, 2018 (which can be found at
the SEC’s website www.sec.gov); each such risk factor is
specifically incorporated into this press release. Should one or
more of these risks or uncertainties materialize, the Company's
actual results may vary in material respects from those projected
in any forward-looking statements.
Any forward-looking statement made by the
Company in this press release speaks only as of the date on which
it is made. The Company undertakes no obligation to update any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
ABOUT PAPA MURPHY'SPapa
Murphy's Holdings, Inc. (“Papa Murphy’s” or the “Company”)
(NASDAQ:FRSH) is a franchisor and operator of the largest Take ‘n’
Bake pizza brand in the United States, selling hand-crafted, fresh
pizzas for customers to bake at home. The Company was founded in
1981 and currently operates nearly 1,500 franchised and
corporate-owned stores in 38 states, Canada and the United Arab
Emirates. Papa Murphy's core purpose is to help anyone with an
oven and 15 minutes serve a scratch-made meal. In addition to
fresh pizzas, the Company offers hand-crafted salads, sides and
desserts to complete the meal. Order online today
at www.papamurphys.com for easy pick up everywhere, and
find us on your favorite delivery apps in select markets.
Investor Contact:Alexis Tessier,
ICRpapamurphys-ir@icrinc.com 877-747-7272
Media Contact:Rachael Smith, ICR
Rachael.Smith@icrinc.com 646-277-1261
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