NEW YORK: Investment firm Irth Capital is working with the largest U.S. franchisee of Papa John’s International on a potential bid to take the company private, according to a Reuters report citing sources familiar with the matter.
The report said Nadeem Bajwa, who operates nearly 300 Papa John’s restaurants in the United States, is expected to make a significant investment in the proposed deal. The company’s board and management were recently informed of his intentions, the sources said.
Bajwa’s involvement brings together Papa John’s largest U.S. operator with Irth Capital, one of the company’s top five investors. Industry analysts say the participation of a major franchisee adds an unusual dimension to the company’s long-running sale process.
Reuters reported that Papa John’s International has been engaged in active discussions over a potential sale for about a year and is currently reviewing an offer from Irth Capital. Sources cautioned that there is no guarantee a deal will be completed.
Representatives for Papa John’s and Irth Capital declined to comment, according to Reuters. A representative for Bajwa could not immediately be reached.
Irth offer backed by Brookfield
According to Reuters, Irth Capital earlier submitted a $47-per-share offer for Papa John’s with backing from Brookfield Asset Management after a previous joint effort involving Apollo Global Management failed in 2025.
The offer represents a 44% premium over the company’s recent closing share price of $32.72.
Analysts said cooperation between a major franchisee and a bidder is uncommon in the restaurant sector and could strengthen confidence among investors and company management that the proposal is credible.
Bajwa built one of the chain’s biggest franchise operations
Bajwa immigrated to the United States from Pakistan nearly four decades ago and built the Ohio-based Bajco Group alongside family members, with interests in construction, accounting and restaurant operations.
The company opened its first two Papa John’s restaurants in 2002 before expanding across multiple states. Bajco Group now operates nearly 300 Papa John’s locations in the United States.
Bajwa also serves on the executive committee of the company’s franchise advisory council and is vice chair of the Papa John’s Franchise Association, an independent group representing franchise owners.
Restaurant chains face weaker demand
Papa John’s International reported weaker-than-expected first-quarter earnings amid declining North American sales. Its shares have fallen nearly 15% this year as restaurant chains face rising ingredient costs and more price-conscious consumers.
Reuters reported that several restaurant operators have explored private ownership deals in recent years as companies seek flexibility to reset strategies outside public markets.
Yum! Brands-owned Pizza Hut is also exploring a sale to a private buyer, following take-private deals involving smaller chains such as Potbelly and Denny’s.
Irth Capital, backed by a member of Qatar’s royal family, owns roughly 10% of Papa John’s, according to Reuters. The pizza chain operates around 6,000 restaurants globally.
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