Papa John’s close to $65-per-share private takeover deal with TriArtisan Capital

Papa John’s International Inc. (NASDAQ: PZZA) is nearing a potential buyout that would see the business taken private in an all-cash transaction by a consortium led by TriArtisan Capital Advisors, according to individuals familiar with the negotiations. TriArtisan recently reached an agreement to acquire Denny’s Corp., further expanding its foothold in the restaurant sector.

The investor group is understood to have put forward an offer of $65 per share for the pizza chain, giving Papa John’s an approximate valuation of $2.7 billion. Sources say discussions are advancing toward a finalised agreement, though nothing has been formally concluded and the talks could still end without a deal being reached.

TriArtisan reportedly views Papa John’s as undervalued in the public market, particularly considering its extensive delivery network and franchise system across the United States. The firm sees this platform as well-positioned for streamlined operations and wider consolidation across the restaurant industry.

Papa John’s shares ended trading on Friday at $41.20, leaving the Louisville, Kentucky-based company with a market value of around $1.36 billion. The proposed offer represents a premium of almost 58% compared to that closing price.

TriArtisan currently holds interests in several well-known U.S. restaurant brands, including P.F. Chang’s and Hooters. Earlier this month, it announced plans to take Denny’s private in a transaction worth roughly $620 million, which is expected to complete in the first half of 2026. The move reflects a rising trend of private equity firms buying mature restaurant chains that generate consistent cash flow and offer opportunities for operational efficiencies.

Both TriArtisan and Papa John’s declined to comment on the discussions.

Should it proceed, this deal would add to a growing list of private equity takeovers in the U.S. restaurant sector this year, driven by confidence in steady consumer demand and the potential for cost reductions through integrating supply and franchise systems.