PGHC Holdings, Inc. Announces Sale Agreement with Wynnchurch Capital
- Sale Would Increase Investment in Papa Gino’s and D’Angelo Grilled Sandwiches Restaurants
- Remodeled, Modernized and Additional Restaurants Planned
- Transaction to be Pursued Through Court-Supervised Competitive Sale Process
- 178 Company and Franchise Restaurants Throughout New England Continue to Serve Guests Daily
Dedham, MA – November 5, 2018 – PGHC Holdings, Inc. (“PGHC”), the parent company of the popular New England restaurant chains Papa Gino’s Pizzeria and D’Angelo Grilled Sandwiches Restaurants, today announced it has reached an agreement in principle to sell the company to a Wynnchurch Capital portfolio company.
The proposed transaction would significantly strengthen the chains’ financial resources, allowing PGHC to remodel and modernize their 141 company-owned restaurants in Massachusetts, New Hampshire, Rhode Island, and Connecticut; open additional restaurants throughout New England; and enhance its online ordering capabilities at all restaurants.
“We are pleased to have reached an agreement that will ensure a long and prosperous future for these iconic New England restaurants,” said Corey Wendland, Chief Financial Officer. “For some time, we have been pursuing a plan to strengthen our financial footing and secure capital for investment in our restaurants, while also addressing our significant debt load. We are confident that the agreement with Wynnchurch achieves all of those goals.”
About Papa Gino’s
Founded in 1961, Papa Gino’s Pizzeria is a 57-year old New England staple, proudly serving handmade artisanal pizzas using recipes the founding family brought over from Italy in the 1930s. From a single restaurant in East Boston, Papa Gino’s has expanded over the years and now has 100 restaurants in Massachusetts, Rhode Island, New Hampshire, and Connecticut. It is the official pizza of the New England Patriots of the NFL and the New England Revolution of Major League Soccer.
About D’Angelo Grilled Sandwiches
With its roots stretching back to 1967, D’Angelo Grilled Sandwiches has been serving generations of hungry New Englanders. Now with 78 restaurants the chain, started in Dedham, Mass., was originally called Ma Riva’s Sub Shop. The name was changed in the Seventies and the menu expanded but each restaurant remains proud to serve its guests the same highest-quality meats and breads that first won over fans more than 50 years ago.