Supreme pizza is worth over $1 billion after takeover

Supreme Pizza, a chain of pizzerias in California and New York, is valued at $1.3 billion, an investment group led by Peter Schmitz, an investor in the pizza chain, said on Thursday.

The group also said the company would continue to be a franchisee.

It’s the largest investment by a franchise owner in the United States. 

The group said in a statement that the pizza-maker is in a strong position to continue its growth as a franchised food-service company. 

“Our focus is on delivering the best pizza experience for our customers, and the company is focused on continuing to develop a solid brand,” Schmitze said.

“We believe Supreme Pizza will become an extremely successful franchisee-driven business, and our vision for a global pizza brand will drive growth and success.”

The company’s shares rose more than 4 percent to $1,965.87 on Wall Street. 

Schmitz has previously invested in pizza chains such as Pizza Hut, Pizza Express and Papa John’s.

The investment group is chaired by Robert C. “Bob” Caufield, who co-founded Pizza Hut. 

Chief executive Michael Egan said in September that the company had raised $1bn from a group led in part by investment firms Bain Capital and KKR & Co., which has invested in other food- and beverage-related companies.

The deal is subject to regulatory approvals, including approval from the California Public Utilities Commission. 

It will be subject to shareholder approval, Schmitzes spokesman, Jonathan Miller, told Reuters in an email.