Investment firm makes bid to take Papa Johns private, report says
A major Papa Johns shareholder has made a bid to take the pizza chain private, The Wall Street Journal reported Wednesday.
Irth Capital Management — a New York City investment fund that’s backed by a member of Qatar’s royal family — offered to pay $47 per share, which would value the company at around $1.5 billion, according to the Journal, which cited unnamed individuals. The deal includes backing from Brookfield Asset Management, the publication reported.
Papa Johns has a corporate presence in metro Atlanta. The offices at The Battery Atlanta were touted as a new headquarters location in 2020, though the pizza chain lists Louisville, Kentucky, as its principal executive office address in financial filings.
It’s not clear if Papa Johns would entertain the offer or if other companies may make bids, WSJ said.
A Papa Johns spokesperson told The Atlanta Journal-Constitution the company does not comment on “market rumors.” Irth Capital did not immediately respond to a request for comment, and Brookfield Asset Management declined to comment.
“There have been rumors and reports of Papa Johns being targeted by buyers of all types for years,” Jonathan Maze, editor-in-chief of trade publication Restaurant Business, said in an email Wednesday. “Right now, I think that the Qatari fund may be trying to buy low.”
Among the suitors, Irth Capital and investment firm Apollo Global Management submitted a joint offer last year, according to Reuters.
Papa Johns has been challenged by weaker consumer demand and competition across the quick-service restaurant industry, the company said in a March 10 proxy statement.
Papa Johns recently said it would close 300 “underperforming” locations nationwide.
“We expect to close the majority of these restaurants by the end of 2027 with approximately 200 closures occurring in 2026,” Ravi Thanawala, chief financial officer and president of North America, said on an earnings call last month.
As of late December, Papa Johns had more than 6,000 restaurants in 50 countries and territories. Total revenues reached $2.1 billion in 2025, flat compared with the prior year. Net income was $32.1 million last year, down from $84.1 million in 2024, the company reported in February.
Maze with Restaurant Business said the broader pizza sector has faced a weaker low-income consumer who has cut back on dining, along with a drop in demand for pizza delivery.
“Uber Eats and DoorDash have made it so people can get anything delivered,” he said. “And your higher-end consumer with a few bucks to spend, who just wants food delivered to them, can choose anything, not just pizza. That’s a fundamental competitive realignment, and it has limited the pizza sector.”
Competitor Domino’s also has more marketing muscle and technology capabilities to win market share over Papa Johns and Pizza Hut, he added.
“So those two chains are losing ground to the top dog in the pizza sector,” Maze said. “Anybody who buys (Papa Johns) will be betting that pizza can more than come back but will be challenged to make that happen.”
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