1000 Degrees, a 21-unit pizza fast casual, was acquired by a veteran commercial and restaurant real estate expert.
Financial details weren't disclosed, but the company said new leader Amandeep Judge is putting forth a "substantial investment" to introduce new menu items and employees and build toward significant growth goals.
"There’s no doubt in my mind, 1000 Degrees is a winning model with a recipe equipped for broadscale growth,” Judge said in a statement. “Our vision for the future is promising, and this investment allows us to transform the brand and enter a new phase of franchise expansion. 1000 Degrees has an incredible amount of untapped potential. I’m confident it will translate to tangible performance results and growth in key markets.”
1000 Degrees, which offers customizable Neapolitan and Roman style pizzas, was founded in 2014 by Brian Petruzzi. True to its name, pizzas are cooked at 1,000 degrees and are ready in under two minutes. Customers can choose from more than 50 cheeses, sauces, meats, vegetables and other toppings. The brand's 21 restaurants are spread across 10 states, including Michigan, Iowa, Minnesota, Tennessee, Texas, Utah, Florida, Delaware, Georgia, and Maryland.
In the past two years, 1000 Degrees has opened three Texas restaurants. Numerous locations are in various stages of development and scheduled to debut in 2023. This year, stores have shown month-over-month revenue growth, and a number of units have returned to pre-pandemic sales levels.
“Now armed with fresh capital, we’re looking forward to introducing a new era of 1000 Degrees Pizza, offering our customers menu updates and new products, and an enhanced experience overall,” Matt Merrill, the director of franchise operations who's been with the company since 2015, said in a statement. “What lies ahead makes us even more powerful, and we’re eager to continue our strong momentum as we look to continue making a name for ourselves in the thriving pizza space.”
1000 Degrees isn't the first pizza chain to switch ownership in 2022. Earlier this year, Washington-based Pizza Rita, a three-unit company, was sold to a private investor. Also, Snappy Tomato, a 44-unit company in Kentucky, was purchased by 31-year franchisee Tim Gayhart. Other notable transactions this year include 16 Handles being purchased by franchisee Neil Hershman and social media star Danny Duncan, QDOBA being acquired by the parent of Modern Market Eatery, and FAT Brands buying Nestlé Toll House Café.