Texas-based Craveworthy Brands is acquiring New England Authentic Eats, parent company of Papa Gino’s Pizzeria and D’Angelo Grilled Sandwiches, in its largest deal to date. Announced at the Restaurant Finance & Development Conference, the transaction brings more than 100 pizza locations into Craveworthy’s portfolio and sets up immediate co-branding with its Wing It On chicken wing concept.
The deal centers on New England Authentic Eats, the holding company for Papa Gino’s Pizzeria and franchise brand D’Angelo Grilled Sandwiches, which private equity firm Wynnchurch Capital acquired in 2019 for approximately $20 million after the chain filed for Chapter 11 protection in November 2018.
Around 100 locations closed during and after that restructuring. The transaction, expected to close by December 31, 2026, would bring Craveworthy’s total brand count to 23. CEO Gregg Majewski founded the company in late 2022 in partnership with FG Financial Group’s merchant banking division, with Wing It On as its first acquisition.
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A 65-Year-Old New England Chain Enters a Growing Multi-Brand Portfolio
Papa Gino’s Pizzeria has operated in Massachusetts for more than 65 years, with the bulk of its remaining locations concentrated in New England. D’Angelo Grilled Sandwiches, the sibling brand, shares a similar regional footprint. Majewski cited the system’s stability following its post-bankruptcy restructuring as a central factor in the acquisition decision.
“Their sales have been steady,” he said of the pizza chain. He also pointed to Craveworthy’s 2024 acquisition of Fresh Brothers Pizza as the operational template: after stabilizing food and labor costs at the California chain, Majewski said the experience gave him the confidence to commit to a larger pizza deal in a comparatively more demanding labor environment.
Wing It On Co-branding as the Revenue Strategy at Papa Gino’s
The co-branding plan builds on a test Craveworthy launched at its Fresh Brothers Pizza units in August 2026. Each location began offering Wing It On bone-in wings and boneless bites through a virtual brand setup, without adding crew.
The result was an additional $4,000 per week in sales per store. At Papa Gino’s, the arrangement will go further: full exterior signage changes and interior remodels are planned under the Wing It On brand, rather than a virtual-only channel. The combined rollout would make Wing It On Craveworthy’s largest individual brand, at approximately 145 locations.
A Portfolio Strategy Built on Concentration
Craveworthy has set a target of one acquisition every six to nine months. The Papa Gino’s deal, the company’s largest to date, was funded in part by a recent multimillion-dollar capital raise with new institutional backing, though Majewski declined to disclose the terms. At the same time, the CEO signaled the portfolio may contract before it expands further.
As Craveworthy narrows its focus to the brands it considers most scalable, some concepts could be divested. Majewski said the company now sees five or six brands as having clear long-term potential. “Now we think that number is probably five or six,” he said. The strategic direction of D’Angelo Grilled Sandwiches within the new ownership was not addressed publicly at the conference.
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