Ledo Pizza

Ledo Pizza began on March 25, 1961, when Louise and Robert Dorgan Sr. and Sparky and Rose Lenzie opened the first restaurant on University Boulevard in the Adelphi Shopping Center near the University of Maryland, College Park. The name combines “Le” from Lenzie with “Do” from Dorgan. Within five weeks, the Dorgans bought out the Lenzies and established the family operated structure that continues today. Some records identify Bob Beall and Tommy Marcos Sr. as original founders in 1955. In 1998, Bob Beall’s grandson Jamie Beall became executive leader, with his three brothers as active partners, extending the business across three generations. Ledo Pizza began franchising in 1989 and had surpassed 115 locations by April 2024. Data confirmed 116 units in May 2023 and 109 U.S. units in 2021, with organic growth averaging three to five net new units per year. Operations are concentrated in Maryland, Virginia, North Carolina, South Carolina, West Virginia, New York, Florida, and Washington, D.C., using a hub and spoke model anchored by Maryland and Virginia. Headquarters moved from Adelphi, Maryland, to Annapolis, Maryland. PeerSense presents this as independent research rather than promotional content, and it does not lend money or approve financing.

Ledo Pizza operates in the limited service restaurant category. The global market was valued at approximately USD 1,281.4 million in 2025 and is forecast to reach USD 2,087.3 million by 2035, a 5.0% compound annual growth rate. Another projection places the broader fast food and pizza adjacent market at USD 737.31 billion in 2024 and USD 1,214.93 billion by 2032, representing a 5.71% CAGR. Convenience demand among time constrained urban consumers supports visit frequency, while mobile apps, third party delivery, self service kiosks, and contactless payments broaden access beyond traditional dine in customers. Consumers are also seeking more menu customization, including plant based, gluten free, and health conscious choices. Pizza benefits from being affordable, shareable, and suitable for different occasions across economic cycles. The national pizza segment is moderately fragmented, leaving room for regional brands with loyal customer bases. Ledo Pizza’s rectangular thin crust, smoked provolone cheese, proprietary sweet tomato sauce, and thick hand cut pepperoni give it a product position that commodity pizza operators may find difficult to reproduce.

The initial franchise fee is $30,000. Total initial investment ranges from $206,250 to $672,500, based on April 2024 and October 2025 data. Geography, lease terms, leasehold improvements, and equipment specifications drive much of the range. Older sources report $126,250 to $442,000, while a database reports $200,000 to $546,000. Current planning should use the updated $206,250 to $672,500 range. Equipment and supplies cost $75,000 to $225,000, leasehold improvements cost $70,000 to $300,000, opening inventory costs $5,000 to $13,000, rent deposits cost $3,000 to $15,000, signage costs $500 to $7,500, insurance costs $3,000 to $10,000, utility deposits cost $500 to $6,000, and impact fees and permits cost $1,000 to $10,000. Miscellaneous start up costs are $5,000 to $15,000, with additional operating funds of $10,000 to $25,000. The investment is below the pizza subsector average of $380,153 to $837,259. The company is privately held and has not raised external funding. Training is included in the initial franchise fee.

A Ledo Pizza location requires active owner involvement in daily operations rather than passive or semi absentee ownership. Staffing may range from 30 to 75 employees, with approximately 40 employees cited as a representative level. The menu includes traditional and specialty pizzas such as pepperoni lover’s, meatlovers, Hawaiian, and build your own options, along with Mike’s Hot Honey pepperoni pizza, wings, tenders, calzones, subs, salads, lasagna, spaghetti, soups, and breadsticks. This range can support higher average tickets but increases kitchen and training demands. Corporate support follows the T.O.M.P. framework of Technology, Operations, Marketing, and Procurement. Training includes 140 hours of on the job instruction and 46 hours of classroom training, with continued training after opening. Operations specialists and training staff assist with site selection before and after launch. Purchasing is supported through a centralized distribution agreement with a non affiliated regional distribution partner. Franchise formats include unit franchises, regional franchises for multi unit operators, and conversions for existing restaurant owners. Conversions may reduce build out costs and time. The 2% advertising fund is coordinated at the brand level. Will Robinson became the company’s first Chief Marketing Officer in July 2020.

Buyers therefore need independent research and conversations with existing operators to build a financial model and should ask directly about this gap. The pizza subsector average is $599,237 per unit. This estimate is not drawn from FDD disclosure. Actual results will also depend on the 7% fee load, labor costs typically ranging from 30% to 35%, and food costs typically ranging from 28% to 32% of revenue. The difference between $599,237 and the reported Ledo Pizza average of approximately $1,194,000 deserves verification against operator experience.

The system grew from 109 U.S. units in 2021 to 116 units in May 2023 and more than 115 locations by April 2024. Organic growth has averaged three to five locations annually. This is measured rather than hyper growth, which may limit territory dilution and support deliberate franchisee selection, while brand awareness may build more gradually. Product differentiation comes from the rectangular format, thin flaky crust, sweet proprietary sauce, smoked provolone cheese, and thick hand cut pepperoni, which have supported multi generational customer loyalty in core markets since 1961. In February 2024, Ledo Pizza signed a multi year sponsorship with the Baltimore Orioles. It also has official partnerships with the Baltimore Ravens and the Maryland Terrapins, where it is the Official Pizza. Entrepreneur’s 2025 Franchise 500 ranked Ledo Pizza number 430, and Pizza Today included it on its Top 50 Pizza Chains list in January 2019. Jamie Beall has led the company since 1998, supported by Chief Marketing Officer Will Robinson, Vice President of Finance Aaron Weedy, and Vice President of Operations Mike Conway. Expansion into South Carolina includes a second Lake Wylie location planned for the Westlake Village development in Q1 2027, supporting growth toward Charlotte and the broader Southeast.

Ledo Pizza recommends prior restaurant experience but does not require it. Its menu and staffing model make hands on management experience useful, especially for candidates from food service operations, multi unit retail, or hospitality leadership. The unit franchise structure supports single location operators, while the regional franchise structure is intended for more heavily capitalized operators seeking multiple locations and deeper market penetration. Active owner operator participation is expected. Territories include the Mid Atlantic and Southeastern United States. Maryland and Virginia are the established markets, while South Carolina, North Carolina, and Florida are emerging areas where awareness is still developing and the hub and spoke model is expanding. Availability will change as the system grows, so buyers should contact the corporate development team early about market viability. The agreement structure, conversion option for existing restaurants, and regional franchise format give buyers several ways to enter the system.

Ledo Pizza merits structured due diligence from buyers with restaurant operating experience, a regional strategy, and capacity for the current $206,250 to $672,500 investment range. The 5% royalty, 2% advertising contribution, and T.O.M.P. support system are also material considerations. The limited service restaurant market is projected to grow at a 5.0% CAGR to USD 2,087.3 million by 2035. PeerSense provides independent franchise research, including SBA lending history, Loan Activity Score analysis, location maps with Google ratings, FDD financial data, and comparison tools. PeerSense does not lend, fund, or approve loans. Its Loan Activity Score for Ledo Pizza is 44, rated Fair, reflecting the available data and the need for further investigation. Buyers can review the complete Ledo Pizza franchise profile on PeerSense.