CEC Entertainment Inc., operator of 577 Chuck E. Cheese's, acquires the family dining and entertainment restaurant Peter Piper Pizza from private equity firm ACON Investments for an undisclosed amount.
The pizza restaurant has 32 company-owned stores and 115 franchises in the U.S. and Mexico. CEC aims to expand the operations of the brand, with hopes of continuing its popularity. The company will sustain the operations of its current stores.
Tom Leverton, chief executive of CEC, said that Chuck E. Cheese is a welcome addition to their portfolio. They look forward to the opportunity of proving that they're the leader of family fun when it comes to dining establishments.
"This transaction complements our strategy of accelerating Chuck E. Cheese's growth nationally and globally, while fulfilling our commitment to provide even greater customer experience to children and families. We are confident that this combination will create a world-class team focused on driving hospitality and innovation in our current and future markets, ultimately to the benefit of our valued guests," said Leverton.
President and CEO of Peter Piper Charles Bruce said they're excited to partner with CEC as it understands their brand's identity and has years of expert knowledge on the industry. He said that ACON had been a great support for the brand over the years, and didn't forget to thank everything the firm has done for the restaurant.
"We are confident that Chuck E. Cheese's will uphold the Peter Piper commitment to the families and communities we serve, as well as implement initiatives to expand our brand to new customers. Chuck E. Cheese's has the right combination of new leadership, industry knowledge and financial resources to grow and evolve both of our brands for millennial families," said Bruce.
Leverton said they will build on Peter Piper Pizza's new strategy of working on technology and highlighting focus on the Hispanic community.
In 1973, Peter Piper Pizza launched its first store in Arizona. Pizza Magazine ranks the restaurant as the third best pizzerias in the U.S. based in sales per unit.
