Irth Capital Management, a Qatari‑backed fund supported by Brookfield Asset Management, announced a $1.5 billion take‑private proposal for Papa John’s International on March 11, 2026. The offer values the company at $47 per share, representing a premium of roughly 44‑50% over the most recent trading price.
The proposal would take the pizza chain private, ending its public listing and giving Irth Capital the opportunity to implement a turnaround plan. Irth Capital, founded in 2024, previously explored a take‑private deal with Apollo Global Management, but that effort was withdrawn.
Papa John’s reported Q4 2025 results that showed a 6% decline in revenue year‑over‑year to $498.18 million and a drop in net income. The company’s North American comparable sales fell 5% YoY, while international comparable sales remained flat. Incremental marketing investments contributed to a 5.5% decline in transaction comps, impacting EBITDA.
The company posted earnings per share of $0.34, beating the consensus estimate of $0.32 by $0.02. The beat was driven by disciplined cost control and a favorable mix shift toward higher‑margin international units, offsetting the revenue decline.
Revenue fell short of the consensus estimate of $516.49 million by $18.31 million. The miss was largely due to weaker demand in North America, where comparable sales declined and marketing spend increased, while international sales helped offset the downturn.
In the Q4 2025 earnings call, CEO John Coustas emphasized the company’s focus on operational efficiency, refranchising, and supply‑chain optimization. He noted that closing underperforming North American restaurants and expanding the loyalty program would improve unit economics.
Irth Capital’s proposal is seen as a chance to unlock value by removing the constraints of public market scrutiny. The private‑equity firm believes that a focused turnaround, supported by cost reductions and international growth, could generate returns above the current market valuation.
The announcement triggered a sharp market response, with investors re‑pricing the stock toward the $47 per share level. The move reflects confidence that the bid represents a premium valuation and that the company’s turnaround plan could be executed more effectively outside the public market.
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