Tucker’s Farm Corporation Subsidiary, Wonder Franchises, Announces Acquisition of Pizza Factory, a Leading QSR Franchisor with $94 Million in System Sales and 110 Restaurants

NEW YORK--(BUSINESS WIRE)--Tucker’s Farm Corporation (“Tucker’s Farm” or “the Farm”), a value-oriented investment holding vehicle, today announced the acquisition of Pizza Factory Inc. (“Pizza Factory”), a leading quick-service restaurant franchisor. The acquisition was completed via the Farm’s franchisor platform Wonder Franchises (“Wonder”). Founded in 1979 by Danny Wheeler and Ron Willey, Pizza Factory has approximately $94 million in system sales across 84 franchisees and 110 restaurants. Since 2012, the business has been led by owner and CEO, Mary Jane Riva, who will stay on as CEO moving forward.

In 2023, Tucker’s Farm launched Wonder, a franchise-focused holding vehicle, with $30 million of committed, long-term equity capital. Wonder is dedicated to partnering with and acquiring emerging to mid-size brands with the goal of long-term growth. Wonder’s priority is to be a great partner to sellers and a responsible steward for world-class brands and related assets.

Adam Lewin, a partner on the private equity team at Tucker’s Farm and CEO of Wonder Franchises, remarked:

“We’re extremely excited to be acquiring Pizza Factory and to be partnering with MJ to take Pizza Factory to the next level. We love the longevity and stability of the system, the passion that MJ and her team have for their franchisees, and the community-focused culture of the brand. We feel fortunate to be partnering with someone with as much character and knowledge as MJ and believe there’s a great fit both culturally and in terms of our respective skillsets. We’re excited to have the deal closed so we can now focus on driving value for our franchisees.”

This is the third franchise transaction for Tucker’s Farm in recent months, after portfolio company VIO Med Spa, the nation’s leading med spa franchisor, was successfully sold to Freeman Spogli in September 2024, and Wonder acquired The Decor Group, the leading holiday decorating franchisor with 245 franchised territories and $75 million in system sales, in November 2024.

MJ Riva, CEO of Pizza Factory, added:

“I’ve been part of this system for more than 30 years and this company means the world to me. I chose Wonder because I really felt they were the partner that could help improve and grow the system but would do so in a way that took good care of the brand and the franchisees. The Wonder team is smart, young, and energetic – all things that I love – but the thing that really stood out compared to other groups was the way they asked so many questions. They didn’t come in with a ‘we know best’ mindset, they truly wanted to learn about Pizza Factory, understand what’s gotten us this far, and build on what we’re doing. The better I’ve gotten to know their team, the more confident I am that Wonder is the right partner and that the next chapter for Pizza Factory will be a great one.”

Boxwood Partners served as financial advisor and Lathrop GPM acted as legal counsel to Wonder Franchises and Tucker’s Farm. The Montminy Group, led by Joel Montminy, served as financial advisor and Bryan Cave Leighton Paisner acted as legal counsel to Pizza Factory.

About Pizza Factory

A community staple in 100-plus communities, Pizza Factory has stayed true to its roots with hardworking operators, family-friendly dining and high-quality products, offering fresh, hand-tossed pizza, pasta, wings, sandwiches, salads, beer, wine and more. With multiple restaurant designs, an Express model, and robust off-premise dining options including delivery and mobile ordering through a custom app, Pizza Factory is built to excel in the restaurant industry moving forward.

For more information about franchising with Pizza Factory, visit https://pizzafactoryfranchises.com or call 949-510-6607.

About Wonder Franchises

Wonder Franchises is a holding company subsidiary of Tucker’s Farm led by CEO Adam Lewin. Founded in 2023 with committed capital from Tucker’s Farm and select institutional partners, Wonder Franchises is dedicated to aggregating emerging franchisors, franchisees, and select multi-site retail assets. Wonder Franchises seeks to be a long-term home for a world-class portfolio of brands and related assets. For more information, please visit www.wonderfranchises.com.

About Tucker's Farm Corporation

Tucker’s Farm Corporation is a value-oriented holding vehicle modelled after Berkshire Hathaway. Founded in 1994 as a small goat dairy, the Farm has grown into a family of companies across industries and geographies. Capitalized with a long-term equity base, the Farm seeks to find and compound cash flows through highly active M&A strategies. For more information, please visit www.tuckersfarm.com.