The combined entity would be able to find cost savings due to operating as one public company rather than two, and Papa Murphy's would likely benefit from MTY's added clout when negotiating with suppliers for prices on raw ingredients. Analyst Colin Kelly, speaking on behalf of Spokane-based Signia Capital Management, which is Papa Murphy's third-largest shareholder, said the firm believes Papa Murphy's has been taking the right steps to position itself for future growth. He said the brand can continue to expand under MTY once same-store sales are stabilized.