Lisa Jennings | Restaurant Business | January 14, 2025
The 110-unit franchise brand will join the investment firm’s Wonder Franchises division. CEO Mary Jane Riva will remain at the helm.
The 110-unit Pizza Factory Inc. has a new owner.
Tucker’s Farm Corp., an investment holding vehicle based in New York, said Tuesday it was acquired the Oakhurst, California-based Pizza Factory, a franchise brand.
Terms were not disclosed, but Pizza Factory will join the Farm’s Wonder Franchises division, which was launched in 2023 and has about $30 million in capital. Wonder has included brands like V/O Med Spa, which was sold last year to Freeman Spogli. The Décor Group, a holiday decorating franchisor, is also part of the portfolio.
Pizza Factory was founded in 1979 by Danny Wheeler and Ron Willey, and boasts about $94 million in system sales, including the 84 franchised units among the 110. CEO Mary Jane Riva, who has led the company since 2012, will remain at the helm under the new ownership.
“I’ve been a part of this system for more than 30 years and this company means the world to me,” she 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.”
Pizza Factory is known for its hand-tossed pizzas, as well as wings, pasta, sandwiches, salads, beer and wine. The concept has multiple restaurant formats, including an Express model.
Adam Lewin, a partner on the private equity team at Tucker’s Farm and CEO of Wonder Franchises, said in a statement that the company is looking forward to taking Pizza Factory to the next level.
“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,” he said. “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.”
Boxwood Partners served as financial advisor and Lathrop GPM acted as legal counsel to Wonder Franchises and Tucker’s Farm. The Montminy Group served as financial advisor, and Bryan Cave Leighton Paisner acted as legal counsel to Pizza Factory.