An affiliate of Craveworthy Brands has signed a definitive agreement to acquire New England Authentic Eats LLC, the Dedham, Massachusetts-based parent of Papa Gino's Pizzeria, adding more than 160 restaurants and approximately $160 million in annual revenue to its multi-brand restaurant platform. The transaction is expected to close by Dec. 31, 2026, subject to customary closing conditions.
The Numbers
The deal expands Craveworthy's portfolio to nearly 500 locations and lifts its systemwide sales base above $300 million. Prior to the acquisition, the company operated just under 300 units across more than 20 concepts in the United States and internationally. Papa Gino's, founded in East Boston in 1961, brings a 65-year regional footprint and meaningful brand equity to a platform that has grown through serial acquisition rather than organic unit development.
Co-Brand Strategy
The central growth mechanism is a co-brand rollout of Wing It On! across every Papa Gino's location. If executed as planned, Wing It On! would expand from 45 restaurants to more than 145 — a more than 220% unit increase — without the capital requirements and timeline of ground-up construction. The wing brand, founded in Connecticut in 2011, has won first-place honors at the National Buffalo Wing Festival for multiple consecutive years, giving it competitive differentiation in a crowded fast-casual segment. The pairing targets family-meal and game-day occasions where pizza and wings have historically overlapped in consumer ordering behavior, a dynamic that has driven co-brand success for other multi-concept operators in the QSR sector.
For Craveworthy, the strategy follows a blueprint it has applied across its portfolio: acquire an established regional brand with loyal guest counts, preserve its identity, and layer in a complementary concept from within the platform to lift per-unit economics. Papa Gino's will retain its name, menu, and brand positioning under the new ownership structure.
Outlook and Acquisition Cadence
"Papa Gino's is a New England institution. People grew up on this pizza, and we're going to honor that," said Gregg Majewski, CEO and founder of Craveworthy. "We protect what makes a brand special, then put our full platform behind it. With Wing It On!, we can build on that foundation and bring something new to the table."
Beyond the Papa Gino's transaction, Craveworthy has signaled an aggressive inorganic growth agenda. The company said it plans to pursue additional acquisitions of comparable scale every six to nine months, with each deal intended to expand operational capabilities and franchise development opportunities. That cadence, if maintained, would position Craveworthy among the more active consolidators in the independent multi-brand restaurant space — a segment drawing increased attention as rising labor and food costs pressure single-brand operators to seek shared-infrastructure solutions.
Keel Merchant Bank and its affiliate Keel Advisory acted as exclusive financial adviser, with Akerman LLP as legal counsel to Craveworthy. Harrington Park Advisors served as financial adviser and Vedder as legal counsel to NEAE.
For operators and franchisees watching the multi-brand consolidation trend, the deal illustrates how established regional chains with strong local identity — but limited growth capital — are becoming acquisition targets for platform companies able to offer shared purchasing, technology, and training infrastructure. Similar dynamics have played out across casual dining and fast-casual M&A in recent years, and analysts covering restaurant franchising trends expect further roll-up activity as cost pressures persist into 2027.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.