CEC Entertainment, the operator of the 577-strong chain of Chuck E. Cheese’s stores, has acquired restaurant and entertainment business Peter Piper Pizza from ACON Investments.
Peter Piper Pizza operates 32 company-owned locations and 115 franchises in the south-western US and Mexico. CEC plans to continue the Peter Piper brand with operation of the current restaurants, in addition to implementing growth initiatives to expand the chain nationally.
"This is a great opportunity to welcome another established brand into our proven portfolio and, by extending our portfolio, further secure CEC as the leader in family fun," said Tom Leverton, CEO of CEC. "This transaction complements our strategy of accelerating Chuck E. Cheese's growth nationally and globally, while fulfilling our commitment to provide even greater customer experience to children and families.
“We are confident that this combination will create a world-class team focused on driving hospitality and innovation in our current and future markets, ultimately to the benefit of our valued guests."
Charles Bruce, president and CEO of Peter Piper, said he was “confident” that Chuck E. Cheese’s will uphold the Peter Piper commitment to families and the communities it serves, while also expanding the brand to new customers.
“Chuck E. Cheese's has the right combination of new leadership, industry knowledge and financial resources to grow and evolve both of our brands for millennial families,” he said.
According to Leverton, Peter Piper already has brand strategies in place that focus on new technologies and engaging with the Hispanic community, “one of the fastest-growing segments of the US population.”
He added: “We are eager to build on this foundation and strengthen Peter Piper's brand by leveraging CEC's scale, expertise and resources.”
