Chicago-based Craveworthy Brands, a portfolio company founded by Gregg Majewski in 2022, has signed a definitive agreement to acquire New England Authentic Eats LLC, the Massachusetts-based parent company of Papa Gino’s Pizzeria, marking its largest acquisition to date. Terms of the deal, which is expected to close by Dec. 31, were not disclosed.
Following the sale’s closure, Craveworthy will add its Wing It On concept to existing Papa Gino’s locations, turning them into co-branded units. In a recent interview, Majewski said this will make Wing It On its largest overall brand, with about 145 stores, from nearly 50 now. Craveworthy acquired Wing It On in early 2023.
He also said that Craveworthy will “trim down some of its brands” in the coming weeks but did not disclose which ones.
The Papa Gino’s addition will add more scale to the company, which was one of Majewski’s goals in starting it.
“With the shared services of a company that size, we’ll be able to be between $20 million and $30 million of EBITDA (earnings before interest, taxes, depreciation, amortization) in the next 12 months,” he said. “That’s substantial. We’ll go from making money but not rolling in it to a company with excess cash flow because we can cut (general and administrative costs) across the board.”
Notably, the Papa Gino’s addition won’t conflict with Craveworthy’s other pizza brand, Fresh Brothers, which it acquired in 2024, because they have different market plays. Papa Gino’s finished 2025 with 70 locations, according to Technomic, all in New England. Sales were nearly $50 million, marking a 9.5% year-over-year decline.
Fresh Brothers finished last year with 21 locations, in California, Florida, and Michigan, and $35.4 million in sales.
Craveworthy plans to continue growing Fresh Brothers “aggressively,” also as a co-branded concept with Wing It On. Existing co-branded locations have added nearly 25% of sales, Majewski said. The Papa Gino’s integration will be easier, however, because the spaces are bigger and the equipment, such as hoods, already exists.
“Box economics are so tough right now, so adding two brands that complement each other allow us to be more profitable,” he said, estimating that the wing business could add anywhere from $250,000 to $600,000 a year to an existing box.
“In our test concepts of Fresh Brothers and Wing It On, those are smaller units and we’re on pace to add $100,000 to $150,000. That’s massive,” Majewski said
He expects a similar tailwind for Papa Gino’s as “pizza and wings are a strong combination and Wing It On’s wings are a better product than what they have now.”
Ultimately, the acquisition fits Craveworthy’s broader goal of becoming a $1 billion business in the next three years or so. Papa Gino’s folding in will push the company north of $550 million, Majewski said.
“This deal allows us to become extremely profitable at a faster pace to grow and continue to acquire other brands. This is the deal we wanted to get to,” he said.
Papa Gino’s was founded in 1961 in East Boston, Massachusetts. In 2018, its parent company PGHC Holdings filed for bankruptcy, forcing the closure of dozens of locations. About a year later, a court approved its sale to private equity firm Wynnchurch Capital in a $20 million deal.
“After the bankruptcy, it shed a ton of stores, but the brand has performed since,” Majewski said. “What I normally do when I take over a brand is cut stores that aren’t performing. They’ve already done that, so I go in with a cleaner slate than I’ve ever had.”
Because of this clean slate, he believes Papa Gino’s/Wing It On has the potential for 75 new locations within a 120-mile radius of its existing locations.
“My goal is an acquisition every six to nine months for the next four years. That’s what we built this model for. As we get to bigger deals, it takes a lot more leg work,” Majewski said. “This is the most I’ve ever paid for a brand because the opportunity is massive.”
To make the acquisition possible, Craveworthy received “significant capital,” but Majewski didn’t share further details.
In addition to Fresh Brothers and Wing It On, Craveworthy Brands also includes Big Chicken, Taim, Gregory’s Coffee, Sigri, Dirty Dough, Taffer’s Tavern, Genghis Grill, and more.
Keel Merchant Bank and its affiliate Keel Advisory served as the exclusive financial advisor and Akerman LLP served as legal counsel to Craveworthy.
Harrington Park Advisors served as exclusive financial advisor and Vedder served as legal counsel to NEAE.
Contact Alicia Kelso at [email protected]
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