Prime Highlights
- Papa John’s largest US franchisee plans to support Irth Capital’s effort to take the company private.
- Irth Capital’s $47-per-share offer values the company at a 44% premium to its recent market price.
Key Facts
- Papa John’s International operates around 6,000 restaurants globally.
- Nadeem Bajwa operates nearly 300 Papa John’s locations and serves on the company’s franchise advisory bodies.
Background
Papa John’s International is reviewing a potential take-private proposal from investment firm Irth Capital, with support from the pizza chain’s largest US franchisee, according to people familiar with the matter.
Nadeem Bajwa, who operates nearly 300 Papa John’s restaurants in the United States, plans to make a major investment in the proposed buyout process. Sources said the company’s board and management were informed of his intentions recently. Bajwa controls around 10% of the chain’s domestic locations.
The partnership between Irth Capital and Bajwa brings together one of Papa John’s largest investors and its biggest US operator. Industry analysts believe the move could speed up the company’s long-running sale process.
Papa John’s has reportedly been discussing a potential sale for nearly a year. The company is currently reviewing Irth
Capital’s proposal, although sources cautioned that there is no certainty that a deal will be completed. Representatives for the company and Irth declined to comment.
Irth’s offer of $47 per share, backed by Brookfield Asset Management, represents a 44% premium over the company’s recent closing price of $32.72. Earlier efforts involving Apollo Global Management had failed in 2025.
Papa John’s first-quarter earnings missed expectations due to weak North American sales. Shares of the company have declined nearly 15% this year as restaurant chains continue to face inflation pressures and changing consumer preferences.
