Tucker’s Farm Corporation, the Bermudian-based investment holding vehicle, has acquired Pizza Factory Inc, the American quick-service restaurant franchisor.

The acquisition was completed via the Farm’s franchisor platform, Wonder Franchises.

Founded in 1979 by Danny Wheeler and Ron Willey, Pizza Factory had approximately $94 million in system wide sales across 84 franchisees and 110 restaurants this past year.

Pizza Factory food includes hand-tossed pizza, pasta, wings, sandwiches, salads, beer and wine.

Since 2012, the business has been led by owner and chief executive, Mary Jane Riva, who will stay on as chief executive officer.

In 2023, Tucker’s Farm launched Wonder, a franchise-focused holding vehicle, with $30 million of committed, long-term equity capital.

Tucker’s Farm said Wonder is dedicated to partnering with and acquiring emerging to mid-size brands with the goal of long-term growth.

It said Wonder’s priority is to be a great partner to sellers and a responsible steward for world-class brands and related assets.

Adam Lewin, a partner on the private equity team at Tucker’s Farm and chief executive of Wonder Franchises, said: “We’re extremely excited to be acquiring Pizza Factory and to be partnering with MJ to take 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.

“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 skill sets.

“We’re excited to have the deal closed so we can now focus on driving value for our franchisees.”

Ms Riva added: “I’ve been part of this system for more than 30 years and this company means the world to me.

“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.”

Boxwood Partners served as financial adviser and Lathrop GPM acted as legal counsel to Wonder Franchises and Tucker’s Farm.

The Montminy Group, led by Joel Montminy, served as financial adviser and Bryan Cave Leighton Paisner acted as legal counsel to Pizza Factory.

This is the third franchise transaction for Tucker’s Farm in recent months, after portfolio company VIO Med Spa, the med spa franchiser, was sold to Freeman Spogli last September, and Wonder acquired The Decor Group, the holiday decorating franchiser with 245 franchised territories and $75 million in system sales, in November.

Tucker’s Farm Corporation is a value-oriented holding vehicle based on the island.

Founded in 1994 as a small goat dairy, it has grown into a family of companies across industries and geographies.

Capitalised with a long-term equity base, the Farm seeks to find and compound cash flows through highly active M&A strategies.