Apollo Global Management and Irth Capital Management have submitted a joint proposal to take Papa John’s International private in a deal valuing the US pizza chain at over $1.7bn, according to sources familiar with the matter.

The buyout offer, which prices shares at slightly above $60 each, marks a significant move for the world’s third-largest pizza delivery brand. News of the bid sent Papa John’s stock up by 7.5%, reflecting strong investor interest in the potential transaction.

The deal has not yet been finalised, and the firms have declined to comment.

Apollo brings deep experience in the restaurant sector, with past and present investments in Qdoba, Chuck E. Cheese, and Wagamama’s parent, The Restaurant Group. Irth Capital, co-founded by Matthew Bradshaw and backed by Qatari investors, previously took Bojangles private.

Founded in 1984, Papa John’s operates over 6,000 restaurants across 50 markets. While the company rebounded after its 2018-2019 leadership crisis and activist shake-up involving Starboard Value, industry insiders have long speculated that a take-private deal could provide the operational latitude needed for further transformation.

If successful, the acquisition would allow the business to refine its strategy away from the pressures of public markets and position itself for long-term growth under experienced private equity ownership.

Source: Reuters

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