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The alignment between Papa Murphy's Pizza and Directed Equity to provide funding for qualified franchise candidates proved to be a success, helping the fifth-largest pizza chain in the U.S. achieve record growth in 2012.
"Even in this difficult lending environment, banks have an appetite for a quality brand with a high success rate and overall proven trends, such as Papa Murphy's," says Mark Challis, president of Directed Equity.
Directed Equity's knowledge and ability to manage today's difficult lending environment resulted in financing for 32 new stores and transfers over the past two years. In addition, Directed Equity has allocated resources to provide an additional $12 million in funding to fuel Papa Murphy's continued growth in 2013.
"Our brand has found a sweet spot in this economy and, thanks to a very solid and strategic relationship with Directed Equity, we continue to strengthen our national footprint," says Kevin King, chief development officer for Papa Murphy's.
For more than 30 years, Papa Murphy's has been the leader of the take-and-bake pizza segment. With more than 1,300 corporate and franchised locations in 37 states and Canada, Papa Murphy's plans to add more than 100 new stores in 2013.
The average cost to open a Papa Murphy's is approximately $209,300-$396,710, a lower initial investment than many chains in the quick-service industry.