Lou Malnati’s, one of Chicago’s most largest and most beloved deep dish pizza chains, has sold part of its business to Meritage Group, a San Francisco-based hedge fund. Brothers Marc and Rick Malnati will continue to be the company’s largest shareholders, while the stake previously owned by Chicago-based BDT Capital is being turned over Meritage Group. According to Bloomberg, the sale was valued at more than $500 million.
In an interview with ABC Chicago, Marc Malnati said that the sale wouldn’t affect operations or the chain’s menu. Lou Malnati’s has been in business since 1971, when veteran pizza chef Lou Malnati opened his first restaurant in Lincolnwood. It has since expanded to 58 locations in the greater Chicago area alone, plus 13 outposts across Arizona, Wisconsin and Indiana.
Lou Malnati’s serves classic Chicago-style deep dish pizzas, plus thin crust and specialty gluten-free or crustless pies. Its menu also includes chicken wings, salads, sandwiches and pasta. Some locations have full bars as well.
What Now Chicago is reaching out to Meritage Group for more details.
