Pizza Pizza - History

History

The chain, founded and owned by Michael Overs, opened its first location on December 31, 1967, at the corner of Wellesley and Parliament Streets in Toronto. It expanded throughout the Toronto area in the 1970s, and throughout the rest of Ontario throughout the 1980s and 1990s. The chain opened in the Montreal area in late 2007 with locations in the Montreal boroughs of Notre-Dame-de-Grâce and Pierrefonds-Roxboro.

Pizza Pizza has recently begun to expand significantly outside Ontario. In its 2005 IPO filings, the chain announced it would consider expansion in western Canada, potentially including purchasing existing local chains. This led to a June 2007 agreement to purchase Alberta-based Pizza 73. As well, in October 2006, the company announced it would expand in the Quebec market, beginning with sponsorship of the Montreal Canadiens. The chain expanded to the British Columbia Lower Mainland in 2009 (Pizza 73 already had a location in Prince George in the B.C. Interior), and soon thereafter added locations in Manitoba and Saskatchewan. Pizza Pizza opened its first store in Halifax, Nova Scotia in June 2010.

In 2005, the Pizza Pizza Royalty Income Fund (TSX: PZA.UN), an open-ended trust, completed its initial public offering. Pizza Pizza Limited, which remains privately held by Overs' son-in-law Paul Goddard, pays the Fund 6% of the sales of its restaurants in Canada.

Major southern Ontario competitors include Pizza Hut, Domino's Pizza, Little Caesars, Gino's Pizza, 241 Pizza, Double Double Pizza, and Pizza Nova. Two other major Canadian chains, Greco and Panago, which have a presence similar to Pizza Pizza in the Atlantic and Western Canada respectively, have also recently entered the Ontario market. In Montreal, Quebec, its competitors are Mikes and Double Pizza.

Starting in 2009, Coca-Cola products replaced Pepsi products at Pizza Pizza.

The company's founder, Michael Overs, died on the morning of March 31, 2010. His son-in-law, Paul Goddard, was appointed CEO.