Lou Malnati acquired by investment company Meritage

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Chicago-style pizza chain Lou Malnati’s has been sold to investment firm Meritage Group.

The chain’s owners include BDT Capital Partners, which bought an undisclosed stake in the company in 2016. Malnati’s enterprise value in the sale was $ 500 million, according to Bloomberg, which was the first to report. the new.

Owner Marc Malnati confirmed the sale to the Chicago Sun-Times on Friday. He and his brother, Rick, will retain a stake in the company founded by their father, Lou, in 1971.

Lou Malnati and BDT had not responded to requests for comment at the time of publication.

The Chicago suburban chain has 71 branches in four states: Illinois (58), Arizona (five), Wisconsin (four), and Indiana (four). He is known for his traditional Chicago-style deep pizza as well as his thin crust pies. She also owns a mail order pizza business.

BDT’s investment helped the company grow in Arizona and the Midwest, Marc Malnati told the newspaper. “They feel like they achieved their goal with us… so they sold the interest they bought from Meritage.”

He said he and his brother were still the biggest individual investors and that there would be no change in the chain, “just longer term capital.”

Bloomberg reported in April that the company was considering a sale.

San Francisco-based Meritage Group manages more than $ 11 billion in assets, according to its website.

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