Qatari-backed investment firm Irth Capital has offered $47 per share to acquire Papa John’s International in a transaction valued at about $1.5bn. 

The proposal marks the firm’s second attempt to buy the US pizza chain. Irth previously pursued the acquisition alongside Apollo Global Management last year before the effort collapsed.

Irth currently holds about a 10% stake in Papa John’s, with roughly half of that exposure held through derivatives. Sources said the company is reviewing the offer and could also attract competing bids.

The renewed interest highlights continued private equity activity around consumer brands. Irth’s latest proposal includes backing from Brookfield Asset Management, underscoring strong institutional support behind the bid.

The company’s shares rose nearly 20% following reports of the offer and closed trading at $38.86. Papa John’s and Irth both declined to comment on the potential transaction.

Apollo Global Management had previously explored taking the company private. The firm withdrew a $64-per-share offer last year after earlier submitting a joint proposal with Irth.

Irth Capital was established in 2024 and is backed by a member of the Qatari royal family. The firm is led by co-founders Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw.

If completed, the acquisition would rank among Irth’s first major transactions and signal the firm’s ambitions to expand its presence in global private equity deals.

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