Investment firm Tucker’s Farm Corporation announced Tuesday that it acquired 110-unit Pizza Factory.
The chain will be run by Wonder Franchises, a franchise platform created by Tucker’s Farm in 2023. The investment firm launched the franchise vehicle with $30 million in long-term equity capital.
Pizza Factory has been owned by CEO Mary Jane Riva since 2012. She will remain chief executive under the new ownership team. Pizza Factory partners with 84 franchisees and has roughly $94 million in system sales.
The company was founded in 1979 by Danny Wheeler and Ron Willey. Before becoming CEO, Riva worked as a multi-unit franchisee for many years.
“I’ve been part of this system for more than 30 years and this company means the world to me,” Riva said in a statement. “I chose Wonder because I really felt they were the partner that could help improve and grow the system but would do so in a way that took good care of the brand and the franchisees. The Wonder team is smart, young, and energetic – all things that I love – but the thing that really stood out compared to other groups was the way they asked so many questions. They didn’t come in with a ‘we know best’ mindset, they truly wanted to learn about Pizza Factory, understand what’s gotten us this far, and build on what we’re doing. The better I’ve gotten to know their team, the more confident I am that Wonder is the right partner and that the next chapter for Pizza Factory will be a great one.”
This year marks Pizza Factory’s 40th anniversary of franchising. To commemorate this benchmark, the brand announced a franchise incentive to accelerate nationwide growth. The program, which will run through April 1, offers 40 percent off the franchisee fee, four months of no royalties, and a reduced royalty rate of 4 percent for the following eight months. Pizza Factory hopes to sign 10 new franchise agreements as part of the incentive program.
The chain plans to open three locations in January in Jackson and Paradise, California, and Silver Springs, Nevada. The company offers operators a variety of prototypes ranging from dine-in to a new Express quick-service model.
Wonder Franchises seeks emerging to mid-sized brands that want long-term growth.
“We’re extremely excited to be acquiring Pizza Factory and to be partnering with MJ to take Pizza Factory to the next level,” said Adam Levin, CEO of Wonder Franchises. We love the longevity and stability of the system, the passion that MJ and her team have for their franchisees, and the community-focused culture of the brand. We feel fortunate to be partnering with someone with as much character and knowledge as MJ and believe there’s a great fit both culturally and in terms of our respective skillsets. We’re excited to have the deal closed so we can now focus on driving value for our franchisees.”