Pita Pit Debuts on 2007 Inc. 5000 List
August 28, 2007 // Franchising.com // COEUR D'ALENE, IDAHO -- Inc. Magazine recently ranked the Pita Pit on its first-ever Inc. 5,000 list of the fastest-growing private companies in the country.
Pita Pit Inc. debuted at # 31 in the Food and Beverage category and ranked # 1,545 overall for all industries. The 2007 Inc. 5000 list measures revenue growth from 2003 through 2006. To qualify, companies had to be U.S.-based and privately held independent companies as of December 31, 2006, and have had at least $200,000 in revenue in 2003, and $2 million in 2006. Pita Pit Inc. experienced a growth of 231.4% during this time period with revenues of over $3.6 million in 2006.
"This ranking signifies the growth of the Pita Pit as one of the leading fast-casual restaurant franchisors in the United States," said CEO Jack Riggs. "As we continue to expand, we will maintain our primary focus of being a high quality franchisee support company, serving great food in a friendly environment. "
As of August 28, 2007, the Pita Pit has 137 locations in 38 states with another 20 stores expected to open by the end of the year. The original Pita Pit concept was to locate on or near college campuses; however, the Coeur d'Alene based company has expanded its target locations to include small to mid-sized market areas.
About Pita Pit USA: (www.pitapitusa.com)
Founded in 1995 in Ontario, Canada, The Pita Pit was a quick service restaurant with a new and unique approach. The Pita Pit was founded on the premise that people wanted a place that was healthy, fresh, and fast, with a friendly informal atmosphere and a varied and flavorful menu. The founders began by defining a very specific customer group. Then they created a meal experience based on grilled meat, fresh vegetables, zesty sauces and a pita shell of their own design, folded in a unique way. Following this, they developed an operation to deliver it all in a convenient and efficient manner.
Franchising began in Canada in 1997 and in the USA in 1999. In April 2005, current Pita Pit USA CEO Jack Riggs, MD, and a team of investors purchased Pita Pit Inc. and have since expanded it rapidly opening over 65 new locations. Headquartered in Riggs' hometown of Coeur d'Alene, Idaho, Pita Pit Inc. is on track to open another 20+ locations by the end of 2007.
About Inc.5000: (http://www.inc.com/inc5000/)
The Inc. 5,000, an extension of Inc. magazine's annual Inc. 500 list, catches many businesses that are too big to grow at the pace required to make the Inc. 500, as well as a host of smaller firms. Taken as a whole, these companies represent the backbone of the U.S. economy. Inc.com, the Daily Resource for Entrepreneurs, delivers advice, tools, breaking news, and rich multi-media to help business owners and CEOs start, run, and grow their businesses more successfully. Information and advice covering virtually every business and management task, including marketing, sales, finding capital, managing people can be found at http://www.inc.com.