Washington, WA–(HISPANIC PR WIRE – BUSINESS WIRE)–January 8, 2007–ACON Investments announced today that it has acquired Peter Piper, Inc., a leading dine-in pizza and entertainment restaurant chain that owns, operates and franchises over 130 restaurants throughout the Southwestern United States and Mexico. The Company will continue to be led by Frank Sbordone and other members of Peter Piper’s existing management team.
The purchase price was not disclosed.
“We are excited about partnering with ACON to more fully exploit our growth opportunities, including new restaurant openings in our core and contiguous markets and expansion of our domestic and international franchise systems,” said Mr. Sbordone, Peter Piper’s President and Chief Executive Officer. “As a committed long-term investor with significant experience in the food retail sector and a deep understanding of our target demographic market, ACON is an ideal partner for management as we expand the Company’s footprint.”
“Peter Piper’s strong unit economics and outstanding same store sales growth in recent years can be attributed to the value the chain offers its core customers, who are primarily families. The concept has significant appeal among Hispanics because of its family focus and affordable price points, as evidenced by Peter Piper’s success in large Hispanic markets along the U.S.-Mexico border and in Mexico,” said Daniel Jinich, Managing Partner of ACON Investments. “We see a terrific opportunity to take advantage of the continued growth and expanding purchasing power of the Hispanic population, and believe that Peter Piper is well positioned to deliver a unique family dining experience to Hispanic and non-Hispanic consumers alike. We believe that Frank Sbordone and the rest of the management team have done an outstanding job positioning the Company for accelerated growth and we are proud to have partnered with them in this investment.”
Debt financing for the transaction was arranged by Wells Fargo Commercial Capital. ACON’s equity came from its ACON-Bastion Partners II and ACON Investment Partners vehicles.
About Peter Piper
Founded in 1973, Peter Piper (http://www .peterpiperpizza.com) is based in Phoenix, Arizona, and is the Southwest’s leading family pizza and entertainment restaurant chain. The company and its franchisees operate 132 restaurants in Arizona, California, Nevada, Texas, New Mexico and in Northern Mexico. Locations range in size from 8,500 to 10,000 square feet, are uniquely designed to appeal to children, adults and families and have the capacity to cater to parties, sports team events and special outings. In 2007 the Company plans to open 20 new units system wide, with total system revenues expected to exceed $200 million. Peter Piper provides a differentiated, best-in-class family dining experience appealing to children and adults of all ages, by delivering “90 minutes of magic” to its customers. Menu items include reasonably priced fresh pizza, salads, appetizers and desserts as well as a compelling entertainment forum with interactive skill and redemption games, video attractions and a small indoor playground.
About ACON Investments
ACON Investments is a Washington D.C.-based private equity investment firm that manages private equity funds and special purpose partnerships in the United States, Europe and Latin America. Founded in 1996, ACON and its principals have managed over $1 billion of capital. ACON pursues a theme-based investment strategy by focusing on industries and businesses at key inflection points in their development and pursues these opportunities in close partnership with established management teams. ACON has offices in Washington, Los Angeles, and Madrid, Spain.