Papa John’s International is examining a new takeover offer from Irth Capital Management, according to reports The Wall Street Journal ((WSJ), citing those familiar with the matter.
The latest offer would take the pizza chain private for $1.5 billion. The offering has financial backing from Brookfield Asset Management.
Irth has made an offer of $47 per share, representing a premium of approximately 44% over the company’s last closing stock price.
As of Tuesday (March 11), Papa John’s had a market value of about $1 billion.
The move follows Art’s attempt last year to take over Papa John’s with private equity firm Apollo Global Management, though talks ended without a deal.
However, Irenek Capital Management recently acquired a 10% stake in Papa John’s, one of the sources said. WSJ.
The publication added that there is no certainty that Papa John’s will agree to Earth’s latest proposal, and additional interested parties are still available.
Irth was established in 2024 as a global asset manager. Led by co-founders Sheikh Mohammed bin Abdullah Al Thani and Matthew Bradshaw, it is backed by a member of the Qatari royal family.
A potential acquisition of Papa John’s would be one of Earth’s first big moves.
Papa John’s is said to be working on a turnaround in recent years after a long string of soft calls and successful leadership changes.
Last month, Papa John’s International reported a decline in profits for Q4 and FY25. Net income for the quarter ended December 28, 2025 fell to $8.6 million from $14.96 million last year.
“Papa John’s Weighs Earth Capital’s $1.5 Billion Tech-Private Bid – Report” was originally developed and published by Verdic Food Service, a brand owned by Global Data.
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