Particle.news
Download on the App Store
3 ARTICLES
·
yesterday

Apollo and Irth Capital Bid to Take Papa John's Private at Low $60s Per Share

Papa John’s board is evaluating a roughly $2 billion takeover offer led by Apollo with backing from Sheikh Mohamed al Thani

A "Now Hiring" sign advertising jobs at Papa Johns is seen along a street in downtown Miami, Florida, U.S. April 13, 2020. REUTERS/Marco Bello/File Photo
Image
Image

Overview

  • The consortium’s low-$60s per-share offer represents about a 25% premium over Papa John’s recent $48 trading price.
  • Irth Capital holds a 5% stake in the chain and draws on funding from Sheikh Mohamed al Thani.
  • Apollo brings fast-food deal experience, having acquired Wagamama’s parent in 2023 and owned Qdoba until 2022.
  • CEO Todd Penegor has pointed to outperformance versus Yum! Brands and Domino’s as evidence the stock discount is narrowing.
  • Inspire Brands and Roark Capital remain potential bidders if a formal sales process moves forward.