Lee Equity Partners, a New York private equity firm, has entered an agreement to purchase Papa Murphy’s International, the Vancouver-based take-and-bake pizza chain with nearly 1,200 locations.

Boston-based Charlesbank Capital Partners put the restaurant chain up for sale last year. The sale is expected to close in the second quarter. Terms were not disclosed.

Charlesbank acquired Papa Murphy’s in 2004 and improved domestic sales by more than 63 percent.

The company reported 7 percent sales growth in 2009, with revenue of $630 million. Same-store sales grew two percent. Most of its locations are operated by franchisees.

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