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NEW YORK, Nov 10 (newsreleases.co.uk ) – Papa John’s International Inc. (NASDAQ: PZZA) is in advanced talks to be taken private in an all-cash deal by a consortium led by TriArtisan Capital Advisors, the private equity firm that recently agreed to acquire Denny’s Corp., according to people familiar with the matter.
The investor group has offered $65 a share for the pizza chain, valuing Papa John’s at about $2.7 billion, the people said. Discussions are progressing toward a definitive agreement, though no final decision has been made and the talks could still fall apart, they added.
TriArtisan believes Papa John’s is significantly undervalued given its nationwide delivery and franchise infrastructure in the United States, which it views as a platform for broader restaurant consolidation and operational efficiencies, one of the people said.
Shares of Papa John’s closed at $41.20 on Friday, giving the Louisville, Kentucky-based company a market capitalization of roughly $1.36 billion. The offer represents a premium of nearly 58% to that closing price.
TriArtisan, which has investments across several U.S. restaurant chains, including P.F. Chang’s and Hooters, announced earlier this month that it would take Denny’s private in a deal valued at about $620 million. That transaction, expected to close in the first half of 2026, underscored growing private equity interest in established, cash-generating restaurant brands amid opportunities to streamline supply chains and franchise operations.
TriArtisan and Papa John’s declined to comment.
If completed, the deal would mark another major bet by private investors on U.S. restaurant chains this year, following a string of take-private transactions across the sector as firms look to capitalize on stable consumer spending and cost synergies.