Papa John’s Nears $2.7 Billion Take-Private Deal Led by TriArtisan After Apollo Exit: Report

Papa John’s stock rose more than 14% after reports of a potential buyout led by TriArtisan Capital.

Papa John’s International Inc. (PZZA) is reportedly nearing a potential buyout that would see the business taken private in an all-cash transaction by a consortium led by TriArtisan Capital Advisors.

The report from ABC comes after Apollo withdrew its $2.1 billion bid to take the pizza chain private last week. Citing people familiar with the matter, ABC reported that the group has submitted an offer of $65 per share, which would give Papa John’s an approximate value of $2.7 billion. The report stated that the talks are progressing toward a final agreement, although no formal deal has been signed yet. 

Papa John’s stock jumped more than 14% in morning trade. On Stocktwits, retail sentiment around the company trended in ‘bullish’ territory amid ‘high’ levels of chatter over the past day.

Papa John’s ‘Undervalued’

TriArtisan reportedly sees Papa John’s as undervalued in the public market, citing its established delivery network, franchise system, and growth potential within the U.S. quick-service restaurant sector. The firm is said to believe the brand could achieve stronger operational efficiency and industry consolidation opportunities under private ownership.

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