Papa Murphy's Holdings, Inc. Prices Its Initial Public Offering

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| Source: Papa Murphys Holdings, Inc.

VANCOUVER, Wash., May 1, 2014 (GLOBE NEWSWIRE) -- Papa Murphy's Holdings, Inc. ("Papa Murphy's") (Nasdaq:FRSH) today announced the pricing of its initial public offering of 5,833,333 shares of common stock at a price to the public of $11.00 per share. All of the shares in the offering are being offered by Papa Murphy's. In addition, certain selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 874,999 shares to cover over-allotments, if any. The shares are expected to begin trading on May 2, 2014 on the NASDAQ Global Select Market under the ticker symbol "FRSH". The closing of the offering is expected to occur on May 7, 2014, subject to the satisfaction of customary closing conditions.

Jefferies LLC, Robert W. Baird & Co. Incorporated and Wells Fargo Securities are acting as joint book-running managers for the offering. William Blair & Company, L.L.C., Raymond James & Associates, Inc. and Stephens Inc. are acting as co-managers for the offering.

The offer is being made only by means of a prospectus. Copies of the prospectus may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by emailing Prospectus_Department@Jefferies.com, or by calling (877) 547-6340; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, by emailing syndicate@rwbaird.com or by calling (800) 792-2473; or Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by calling (800) 326-5897 or by emailing cmclientsupport@wellsfargo.com.

A registration statement relating to shares of the common stock of Papa Murphy's was declared effective by the Securities and Exchange Commission on May 1, 2014. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Papa Murphy's

Papa Murphy's is a franchisor and operator of the largest Take 'N' Bake pizza chain in the United States, selling uncooked pizzas that customers bake at home. The Company was founded in 1981 and currently operates over 1,400 franchised and corporate-owned fresh pizza stores in 38 States, Canada and United Arab Emirates. Papa Murphy's core purpose is to bring all families together through food people love with a goal to create fun, convenient and fulfilling family dinners. In addition to scratch-made pizzas, the Company offers a growing menu of grab 'n' go items, including salads, sides and desserts.

Investor Contact:
Fitzhugh Taylor, ICR

877-747-7272

Media Contact:
Jessica Liddell, ICR

203-682-8208