Pieology Pizzeria announce it has refranchised 21 corporate-owned restaurants to Amir Siddiqi, CEO for Akash Management, LLC, one of its largest franchisees and one of the nation’s overall largest franchisees.
Siddiqi is a major financial and operating partner behind 14 Pieology restaurants, encompassing geographies such as greater Los Angeles, Central California and Phoenix. In addition, Akash Management is a significant franchisee with Carl’s Jr., Arby's, Jamba Juice and most recently, WingStop.
With over 250 restaurants and 5,500 employees, Akash Management is not only well-positioned to operate the locations in line with the brand’s vision and values, but is also a key strategic ally and advisor to the Pieology leadership team.
“We welcome the Pieology team and its employees to Akash Management. We believe the Pieology team will be a great addition to our company and will assist us in achieving our long-term strategy. This acquisition demonstrates our ability to enhance our portfolio of operating businesses and brands that maintain similar cultural values and are poised to grow,” says Akash CEO Amir Siddiqi.
“This transaction comes at a good time and serves as validation for where we’ve come from and where we are headed as a brand. It fits into our strategic plan of continuing to increase system revenues and aligning the brand with key strategic stakeholders,” adds Pieology CEO Gregg Imamoto. “This deal is driven around increasing stakeholder value through profitable growth and expansion, and Amir and his team will be active on the development front.”
“Corporate will continue to be in the restaurant ownership business in order to continue testing new ideas, products and concepts,” he says. “We are very confident in Amir and his team, and we know that this transaction will yield benefits for the entire Pieology system.”
Pieology offers strong, proven operations and support for more than 130 restaurants in 22 states and internationally. The company grants exclusive franchise development territories and offers strong company financials, which are backed by an experienced leadership team and a vision to Serve Creativity.