Qatari-backed investment firm Irth Capital has launched a $1.5 billion bid to acquire Papa John’s International, offering $47 per share in a renewed effort to take the U.S. pizza chain private. This deal was reported by The Wall Street Journal.
The proposal represents Irth Capital’s second attempt to acquire Papa John’s. The firm previously pursued a transaction alongside Apollo Global Management last year, though that effort ultimately collapsed before a deal was reached.
Irth Capital currently holds about a 10% stake in Papa John’s, with roughly half of that exposure held through derivatives. The latest offer includes backing from Brookfield Asset Management, signaling significant institutional support behind the proposed acquisition.
Papa John’s is reviewing the proposal and could also attract competing bids as interest from private equity investors in consumer brands remains strong. The company’s shares rose nearly 20% following reports of the offer and closed trading at $38.86.
Apollo Global Management had previously explored taking the company private and had at one point submitted a $64-per-share proposal before withdrawing from the process last year.
Irth Capital was established in 2024 and is backed by a member of the Qatari royal family. The firm is led by co-founders Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw. If completed, the acquisition would rank among the firm’s first major transactions and underscore its ambitions to expand its presence in global private equity deals.
