Snappy Tomato Pizza, a 44-unit pizza chain based in Kentucky, was recently purchased by a 31-year franchisee.
Operator Tim Gayhart, whose been a franchisee since 1991 and an area developer since 2001, bought the concept from The Deters Company. Terms of the deal weren't disclosed.
As part of the transaction, Gayhart's five franchise restaurants in Kentucky and Indiana, along with the flagship store in Burlington, Kentucky, will become company-owned shops. He will also open a franchise outlet in LaGrange, Kentucky, this fall. The new owner's goal is to open 10 units in the next three years. The brand operates in Ohio, Kentucky, Tennessee, Indiana, and New Mexico.
Snappy's Burlington headquarters, along with its corporate staff of 900 employees, management, and 31 franchisees, will remain intact.
“I am excited to begin this new chapter in my career, having started 30-years ago with a loan of $20,000 for my first Snappy franchise to now owning the company, it is truly a blessing to be in this position,” Gayhart said in a statement. “The opportunity to do more of what I love to do is the reason I wanted to take a bigger slice of the [pizza] pie.”
Snappy is known for its signature pizzas, including The Beast, The Junior Beast, Loaded Potato Pizza Snapperoni Speciality Pizza, and The Ranch Speciality Pizza. The company offers franchisees the option of a sit-down model with an optional buffet or a delivery/carryout design.
The Deters Company had owned Snappy since 1993, according to the Cincinnati Business Courier. The restaurant, founded in 1978, owes its name to a racehorse that founder Bob Rotunda bet money on and won.
“Having worked with Tim [Gayhart] for more than 30 years, I instantly knew that the very moment he expressed interest in buying the company, it was a great fit,” Jeremy Deters, president of The Deters Company, said in a statement. “Tim knows the pizza business and this company inside and out; I am excited to see where he takes Snappy, because with Tim’s passion and commitment … the sky’s the limit.”