The price of the sale was not disclosed.
WisePies said in a statement that the transaction includes brand-related corporate operations, its franchise program, intellectual property and the franchise rights related to the three restaurants it has in Albuquerque.
“My 25-year career as a New Mexico business man and entrepreneur has been focused on high-tech industries and on developing Integrated Control Systems, my energy conservation-focused, automated building controls company,” said Steven B. Chavez, outgoing WisePies Pizza & Salad owner, in a prepared statement. “There is no place for mediocrity or lead-footed movement here. My focus will shift back to my technology-based businesses and onto growth plans for Mesa Del Sol.”
The new ownership will focus on franchise-model updates and further development and distribution of the frozen pizza line that has garnered recent, national interest from a large grocery chain, according to a news release.
WisePies had secured the naming rights for the Pit basketball arena in 2014 in a deal of 10 annual installments totaling $5 million. However, the University of New Mexico last year asked WisePies to relinquish the naming rights. The deal was terminated after 2½ years and three payments totaling $800,000.
WisePies Arena last spring became Dreamstyle Arena after Albuquerque company Dreamstyle Remodeling made a 10-year, $10 million commitment to UNM in a deal that also included naming rights to the Lobo football stadium.