Sale Of Papa Gino's, D'Angelo Restaurants Moves Forward

DEDHAM (CBS) -- The sale of Papa Gino's Pizzerias and D'Angelo Grilled Sandwiches will go through by the end of this month. Parent company PGHC Holdings, Inc. announced that the iconic New England restaurants will officially be sold to private equity investment firm Wynnchurch Capital as of Jan. 31.

A press release says this is "new life" for the well-known eateries. About 95 Papa Gino's and D'Angelo locations suddenly closed last fall, surprising employees.

The deal does not include franchisee locations. There are still 141 company-owned Papa Gino's and D'Angelo locations in New England, according to PGHC.

Wynnchurch is described as an investor in middle market businesses "that possess the potential for substantial growth and profit improvement."

"Wynnchurch's investment will enable us to renew our legacy as a community-focused restaurant company, bringing back menu favorites, serving great-tasting, fresh, high quality food, and delivering an outstanding customer experience," PGHC CFO Corey Wendland said in a statement.

Papa Gino's was founded in 1961 in East Boston as Piece O' Pizza. It changed its name to Papa Gino's in 1968 and expanded throughout Boston, other parts of Massachusetts and Connecticut, Rhode Island and New Hampshire.