Unique Pizza and Subs Corp. signed an agreement Thursday to acquire Pizza Fusion Holdings, the Boca Raton, Fla.-based parent of the Pizza Fusion casual-dining pizza chain.
The acquisition is expected to be finalized during the third quarter of this year, likely before the end of September, said Pittsburgh-based Unique Pizza and Subs president and chief executive James C. Vowler. Specific terms of the agreement were not disclosed, however, Unique Pizza has agreed to infuse $1 million into Pizza Fusion as working capital.
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After the acquisition, all Pizza Fusion locations will retain their brand. Vowler will become co-CEO of Pizza Fusion alongside current chief executive Vaughan Lazar. Randy Romano, current president of Pizza Fusion, will remain in his position.
Part of the motivation behind the acquisition was that Pizza Fusion marketed itself as a unique destination for pizza dining, just like Unique Pizza and Subs, Vowler noted. “Everything they did separated them from the competition,” he explained, noting their focus on healthy and organic ingredients.
“They were into the organic and the vegan and the vegetarian and that separated them from the rest," he continued. "What they were lacking was someone like myself with years of operations experience. We’re ready to move forward as a publically traded company, and we have been [ready] for about eight months.”
Pizza Fusion currently has 13 franchised locations in the United States and eight in Saudi Arabia. Vowler said he doesn’t foresee any layoffs or closings as a result of the acquisition, and said he expects the acquisition to spur growth and expansion for the franchise.
Romano and Lazar could not be immediately reached for comment.
Contact Erin Dostal at erin.dostal@penton.com.
Follow her on Twitter: @erindostal
