Lou Malnati's, Chicago's iconic deep dish pizza chain, has reportedly been sold to a private investment firm.
According to Bloomberg News, citing people familiar with the matter, the pizza chain's owners, including BDT Capital Partners, sold the company to Meritage Group, though the Malnati family will retain a stake in the company.
The company was reportedly values at more than $500 million in the sale.
NBC 5 reached out to Lou Malnati's and BDT Capital Partners Friday, but the companies did not immediately respond to requests for comment.
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News the company had been exploring a potential sale was first reported in April.
The first Lou Malnati's was opened in 1971 in north suburban Lincolnwood as Chicago's first deep dish pizzeria, according to their website. After Malnati's death in 1978, his two sons, Marc and Rick, took over the family business.
With more pizzerias opening up across the Chicago area, Lou Malnati's has also expanded outside Illinois with new locations open in Indiana, Wisconsin and Arizona. The pizza company also ships nationwide through their website.