On July 6, 2005, Pizza Pizza Royalty Income Fund (TSX: PZA.UN) completed its C$168,300,000 initial public offering of 16.83 million trust units. The proceeds of the offering were used by the fund to indirectly acquire the trademarks, trade names and other intellectual property and associated rights used in the business of Pizza Pizza Limited. Pizza Pizza Limited is a privately owned corporation headquartered in Toronto, operating 500 restaurants, including 340 traditional restaurants and 160 non-traditional restaurants, the majority of which are owned and operated by franchisees under the brand name Pizza Pizza®. Pizza Pizza Limited has the leading market share in the Ontario pizza quick service segment of the food industry.
The underwriting syndicate was led by TD Securities Inc. and CIBC World Markets, and included BMO Nesbitt Burns, RBC Dominion Securities, Scotia Capital and National Bank Financial.