Lee Buys Papa Murphy's

New York-based Lee Equity Partners, the investor behind such franchisors as Dunkin' Brands, has signed an agreement to purchase Papa Murphy’s International, a take-home pizza franchisor currently owned by Charlesbank Capital Partners.

Papa Murphy's garnered tremendous interest [from equity firms] and high valuations because of its recent sales success, nearly 100-percent franchised model and expansion plans - three key attributes investors are looking for today... Lee has been involved in a number of high-growth consumer oriented acquisitions, including Snapple beverage Corp., General Nutrition Companies, PETCO Animal Supplies Inc, Ghirardelli Holdings Corp., Banana Boat and Sterling Jewelers Inc. - NRN ($$)

The amount paid for the acquisition was not disclosed. Lee Equity Partners recently acquired franchisor CKE Enterprises, the holding company for Hardee's and Carl's Jr.