🍟 11/29/2021 – Toppers Pizza + ANOTHER Acquisition

Franchise Headlines

Franchise Group Acquires W.S. Badcock

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The Players

Franchise Group, the owner of brands like Pet Supplies Plus, The Vitamin Shoppe, and more – just acquired home furnishing company W.S. Badcock for $580M

Founded in 1904, W.S. Badcock Corporation operates 383 stores in eight southeastern states comprised of 68 corporate locations and 315 independent dealer owned stores.

The Scoop

Another big money acquisition in the franchise world! To me (part of) the beauty of franchising is how much it increases an entrepreneur’s surface area for luck.

If you start a business, franchise it, and grow your brand via your franchisees locations – quite simply people just start noticing. That could lead to more interest from franchisees, from PE Groups looking to make investments, or in this case, massive holding companies looking to acquire brands outright.

You can read the press release here.

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Franchise Breakdown

Toppers Pizza


Fast Facts


  • Founded in 1991; franchising since 2000
  • Based in Wisconsin; 67 units open
  • Toppers’ menu features specialty pizzas with toppings such as oven-roasted tomatoes, mac ‘n cheese and tater tots, along with the company’s signature cheesy breadsticks called Topperstix

Fees + Investment

  • Royalty: 5.5% of gross sales
  • Brand Fund: 3.3% of gross sales
  • Franchise Fee: $30,000
  • Initial Investment: $314,075 – $530,000

Financial Performance

  • The below table illustrates average gross sales for Toppers units in 2020

The Wolf’s Take  🍟

Toppers was founded by Scott Gittrich, an ex-Dominos employee, who started working there while attending the University of Illinois in 1984. He worked his way up to director of operations for a group of Domino’s franchises before deciding in 1991 to go on his own in the pizza biz by founding Toppers.

Aside from the cool story of the founder, I like the numbers too. They show consistency amongst their 67 locations, as well as a steady increase the longer your store remains open.

Dominos is the clear benchmark every pizza franchise should be comparing themselves to – they have an initial investment of $152k-$668k, and an estimated avg annual revenue of $1,177,696 per location.

Comparing them to Toppers, we see that the Toppers investment has a lower ceiling, and after a few years you aren’t too far off from Dominos revenue. To me this is absolutely worth exploring if you’re interested in owning a pizza restaurant!

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