Ropes & Gray advised Great Plains Capital in a long-term minority equity investment in Toppers Pizza, a quick-service chain with 70 corporate and franchisee-owned locations primarily in Wisconsin and Minnesota. The transaction was announced on October 19. Financial terms were not disclosed.
Toppers is making system-wide investments in franchise development, company store development, increased training and technology innovation with plans to open 10 to 12 stores next year, followed by 20 to 30 per year in 2023 and 2024.
The Ropes & Gray team was led by venture capital & emerging companies partner Brad Flint and tax partner Aaron Harsh (both of Boston).
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