Exclusive: Top Papa John's Franchisee Partners with Irth for Pizza Chain Buyout Bid, Sources Reveal

• Irth's $47-per-share offer represents a 44% premium to Papa John's Thursday closing price of $32.72, with Bajwa's involvement adding unusual franchisee support to the buyout bid
• Bajwa operates nearly 300 Papa John's locations (about 10% of U.S. stores) and serves on key franchise advisory committees, making him a critical player in company-franchisee discussions
• The deal follows a trend of smaller restaurant chains going private to avoid public market scrutiny while resetting strategies, with Papa John's first-quarter earnings falling short due to declining North American sales

Summary: Papa John's Buyout Bid Gains Momentum with Franchisee Partnership

Investment firm Irth Capital has partnered with Papa John's largest U.S. franchisee, Nadeem Bajwa, in a bid to take the pizza chain private, according to Reuters sources. Bajwa, who controls approximately 10% of Papa John's domestic stores (nearly 300 locations), will make a "significant investment" in the buyout process.

Key Financial Details:

• Irth's bid values Papa John's at $47 per share, representing a 44% premium to the May 13 closing price of $32.72
• The offer is backed by Brookfield Asset Management
• Irth owns roughly 10% of Papa John's, with about half held in derivatives
• Previous joint bid with Apollo Global Management failed in 2025

Company Background:

Bajwa, a Pakistani immigrant who started as a pizza delivery driver, built his Bajco Group into a major franchisee operation since opening his first two locations in 2002. He serves on the company's franchise advisory council executive committee and is vice chair of the Papa John's Franchise Association, making him influential in franchisee-management relations.

Market Context:

Papa John's has been in active sales discussions for the past year, with first-quarter earnings missing expectations due to declining North American sales. The company joins a trend of smaller restaurant chains going private to avoid public market scrutiny amid rising costs and changing consumer preferences.

Industry analysts note the franchisee-bidder partnership is highly unusual and signals genuine commitment to the deal. Papa John's operates 6,000 locations globally. No deal is guaranteed at this stage.