Vancouver-based Papa Murphy is nearing its final selection of banks for the pizza chain's initial public offering that could come late 2013, said three sources with knowledge on the matter.
Papa Murphy's representatives were not immediately available to comment. Lee Equity Partners, its parent company, refused to comment either.
Papa Murphy, which was acquired by private equity company Lee Equity Partners in 2010, is a Washington-based pizza chain famous for its "take n' bake" pizzas. It also offers cheesy bread, salads, chocolate chip cookie dough and cinnamon wheels.
The fifth largest U.S. pizza chain currently has around US$800 million in income from its 1,350 stores, which are mostly franchise branches. Lee Equity Partners, established by billionaire Thomas H. Lee, purchased the firm for an unspecified amount from rival firm Charlesbank Capital Partners.
Unlike rivals Pizza Hut, Domino's Pizza and Papa John's International Inc, Papa Murphy doesn't deliver door to door. Instead, customers enjoy the novelty of creating a unique pizza by choosing from a wide selection of toppings and then taking the uncooked pizzas home to bake.
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