Ned Algeo’s consulting firm Multipli Capital made its first big move in November, backing BizBox Restaurant Group in a franchise development agreement with local chain Mountain Mike’s Pizza.
Multipli and BizBox will bring Newport Beach-based Mountain Mike’s to the Florida market for the first time and aims to open 10 stores over the next five years. Restaurants are planned for Orlando, Tampa and Sarasota with the first opening expected in 2025.
Algeo launched Multipli Capital back in February and the firm’s first fund went to buy a piece of Florida-based BizBox, where he is now part-owner.
As of May, BizBox is a 50/50 joint venture between Algeo and the company’s founder and Chief Executive Sean Morrison. Algeo also took over the role of chief financial officer and a board seat at BizBox.
The two first met when Morrison recruited Algeo to the former iteration of Cypress-based Xperience Restaurant Group, RealMex Restaurants, in 2016. The company owns several concepts including El Torito, Chevys Fresh Mex, Las Brisas, Sol Cocina and Solita Tacos.
Morrison and Algeo are the first franchise partners in Florida as the pizza brand makes its East Coast push.
“We were looking for something from the West Coast that could translate well into Florida,” Algeo told the Business Journal.
Algeo previously worked on a series of restaurant business acquisitions as the former CFO of Xperience, helping to grow the company to the 12th-largest restaurant firm in Orange County with systemwide sales approaching $300 million.
Mountain Mike’s holds the No. 11 spot as of May, according to Business Journal research.
Algeo said that working with smaller organizations at Xperience is what led him to starting Multipli as a firm that provides financial expertise and services for similar independent restaurant businesses in the U.S. with room to grow.
The firm is also a channel partner with Irvine-based Restaurant365 using the company’s software with Multipli’s own clients, including BizBox restaurants.
Multipli aims to start a second fund in 2025 to grow its investment portfolio.
Franchising Pizza from Coast to Coast
The pizza chain counts 296 locations as of Dec. 2.
This year, Mountain Mike’s has opened 19 new stores so far with four more on track to open this month.
The chain inked several other multi-unit agreements in 2024 for new locations in markets such as Northwest Arkansas, greater Oklahoma City and Salem, Oregon. In Texas, Mountain Mike’s entered three new development deals this year which will grow its footprint to 40 stores in the Lone Star state.
Florida will be the first East Coast state for the the pizza franchise to plant its flag. California currently stands as Mountain Mike’s largest market with over 260 locations.
All restaurants are franchise-owned with newly added franchisees driving much of the company’s ongoing expansion, according to CEO Jim Metevier.
Metevier is credited for achieving annual sales running close to $1.1 million per store, on average, during his five-year run as the chain’s chief operating officer before his promotion in February.
The chief executive said Mountain Mike’s aims to be a national brand with the potential to reach 400 or more restaurant locations in the next three to five years and be in 15-plus states.
Mountain Mike’s reported 2023 revenue of $298 million, up 7% from 2022.
