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

• According to a report by ABC News, TriArtisan Capital Advisors reportedly submitted a $65 per share bid for Papa John’s, valuing it at $2.7 billion.
• The proposed deal follows Apollo’s withdrawal of a $2.1 billion offer last week.
• The deal offer also comes as TriArtisan looks to be expanding its restaurant sector presence after acquiring Denny’s earlier this month.

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.

TriArtisan Looking To Expand In Restaurant Sector

The latest report follows TriArtisan’s acquisition of Denny’s Corp. earlier this month, expanding the firm’s presence in the restaurant sector. TriArtisan also holds stakes in well-known brands such as P.F. Chang’s and Hooters. The Denny’s transaction, valued at roughly $620 million, is expected to close in the first half of 2026. 

While overall restaurant closures have been declining in 2025, quick-service segments continue to see the highest numbers. For private equity buyers such as TriArtisan targeting acquisitions like Papa John’s and Denny’s, closures reflect a strategic pruning to improve profitability and efficiency post acquisition. 

Read also: OpenAI Reportedly Exploring Consumer Healthcare Push With AI Assistants And Data Tools

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