Reconstruction Partners announced the sale of the Humble Pie, LLC restaurant chain to Cornwell Development Partners of Scottsdale, Arizona. Humble Pie has restaurants throughout the Metropolitan Phoenix area, as well as Tucson. Locations include two outlets in Terminal Four of Phoenix Sky Harbor International Airport, the food service outlets of which feature high-profile Phoenix brands.
Featuring a varied menu highlighted by wood-fired artisan pizza served in a contemporary environment with a neighborhood vibe, the chain has served over a million pizzas in its ten-year history.
Reconstruction Partners was engaged by the seller to provide strategic and financial advice during the sale process. The Reconstruction Partners team’s wide-ranging senior-level experience in the food service and hospitality industries was instrumental in bringing about the successful conclusion of the deal.
Rich Sullivan, co-founder of Humble Pie, stated, “The decision to sell a business that we created and grew over time was not an easy one, but, once the decision to sell was made, Lee Cohn and Wallace Hite were able to bring us a motivated, qualified buyer and kept both parties on track throughout the process. Their insight and expertise served as a conduit to allow the compromises essential to close the deal. They acted in the best interests of everyone involved and supported our decisions.”
Wallace Hite, one of the founding members and managing partner at Reconstruction Partners, said, “We thoroughly enjoyed working with the Humble Pie founders through this transaction. We’re excited to see the future success of Humble Pie as the brand continues to grow under the leadership of Cornwell Development Partners.”
