Papa John’s weighs Irth Capital’s $1.5bn take-private bid – report

Papa John’s International is examining a renewed takeover connection from Irth Capital Management, according to the Wall Street Journal (WSJ), citing radical acquainted with the matter.

The caller connection volition instrumentality the pizza concatenation backstage astatine a valuation of $1.5bn. The connection has fiscal backing from Brookfield Asset Management.

Irth has enactment guardant an connection of $47 per share, implying a premium of astir 44% implicit the astir caller closing terms of the company's stock.

As of Tuesday (11 March), Papa John's had a marketplace worth of astir $1bn.

The determination follows Irth’s effort past twelvemonth to bargain Papa John’s alongside private-equity steadfast Apollo Global Management, though the talks ended without an agreement.

However, Irenic Capital Management built a involvement successful Papa John’s to 10% recently, a root told WSJ.

The work added that determination is nary assurance that Papa John’s volition hold to Irth’s latest offer, and further funny parties could inactive surface.

Irth was created successful 2024 arsenic a planetary plus manager. Headed by co-founders Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw, it is supported by a subordinate of the Qatari royal family.

A imaginable acquisition of Papa John’s would fertile among Irth’s archetypal large moves.

Papa John’s is said to person been moving connected a turnaround effort successful caller years pursuing a prolonged play of softer request and a succession of enactment changes.

Last month, Papa John's International reported a autumn successful nett for Q4 and FY25. Net income for the 4th that ended connected 28 December 2025 declined to $8.6m from $14.96m the twelvemonth before.

"Papa John’s weighs Irth Capital’s $1.5bn take-private bid – report" was primitively created and published by Verdict Food Service, a GlobalData owned brand.

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