The company will operate the remaining 100 Papa Gino’s restaurants. Credit: John Phelan.

PGHC Holdings has filed for bankruptcy protection through a stalking horse sales agreement with private equity investment firm Wynnchurch Capital.

This move will allow the company to maintain normal restaurant operations prior to sale with improved liquidity.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

PGHC will also solicit competing offers to maximise the value of the sale, which is currently subject to court approval.

PGHC’s chief financial officer Corey Wendland said: “We are pleased to have reached an agreement that will ensure a long and prosperous future for these iconic New England restaurants.

“For some time, we have been pursuing a plan to strengthen our financial footing and secure capital for investment in our restaurants, while also addressing our significant debt load. We are confident that the agreement with Wynnchurch achieves all of those goals.”

“We have been pursuing a plan to strengthen our financial footing and secure capital for investment in our restaurants.”

The deal is expected to strengthen PGHC’s financial resources, allowing it to remodel and modernise 141 restaurants in Massachusetts, New Hampshire, Rhode Island and Connecticut. It will also allow the company to open additional restaurants across New England and enhance its online ordering capabilities.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

PGHC has sought court approval for debtor-in-possession financing from Wynnchurch to provide additional liquidity during the sale process.

After conducting a review and analysis, PGHC also closed approximately 95 under-performing restaurants to address the debt structure and focus its financial resources. The company intends to relocate certain team members from closing restaurants to other locations.

Suppliers will be paid on normal terms and schedules for goods and services received during the Chapter 11 process.

PGHC Holdings is the parent company of Papa Gino’s Pizzeria and D’Angelo Grilled Sandwiches. The company will operate the remaining 100 Papa Gino’s restaurants and 78 D’Angelo Grilled Sandwiches restaurants until the sale.