Papa Johns may soon be headed for another major ownership shakeup after the company’s largest U.S. franchisee reportedly joined forces with investment firm Irth Capital in a renewed push to take the pizza giant private. The proposed deal, valued at roughly $1.5 billion, adds new momentum to a months-long effort to buy out the company as it faces slowing sales, rising costs, and mounting pressure across the fast-food industry.
According to Reuters, at the center of the talks is Nadeem Bajwa, head of the Bajco Group, which operates nearly 300 Papa Johns restaurants and controls about 10% of the chain’s domestic locations. Bajwa is reportedly preparing to make a “significant investment” alongside Irth Capital, one of Papa Johns’ top shareholders.
Sources familiar with the discussions said company leadership and board members were recently informed of Bajwa’s involvement. The proposed offer is reportedly valued at around $47 per share, a major premium over the stock’s recent trading price.
Bajwa’s role gives the potential acquisition a different dynamic than a standard private-equity takeover. Before building one of the largest Papa Johns franchise networks in the country, Bajwa reportedly worked as a delivery driver for the chain while attending college after emigrating from Pakistan decades ago.
His Ohio-based family business expanded rapidly after opening its first Papa Johns locations in the early 2000s. Today, Bajwa also serves on the executive committee of the company’s franchise advisory council and holds a leadership role within the Papa Johns Franchise Association, putting him at the center of conversations between corporate leadership and store operators.
“It is highly unusual to see this kind of cooperation between a franchisee and a bidder,” Peter da Silva Vint, managing partner at consulting firm Jasper Street, told Reuters.
He added that the partnership should give “comfort to management and investors that Irth’s bid, backed by Brookfield, is real and that there is a way forward for this company.”
Representatives for Papa Johns and Irth declined to comment, while Bajwa’s representatives were unavailable.
The buyout effort follows several turbulent years for the brand. According to Retailwire, Papa Johns has reportedly spent the last year actively discussing a possible sale while attempting to stabilize operations under CEO Todd Penegor.
Earlier this year, the company missed earnings expectations after North American sales dropped, and shares have fallen nearly 15% in 2026. The chain has simultaneously pushed aggressive brand resets, including making the Shaq-a-Roni pizza a permanent menu item and restructuring executive leadership to focus on long-term operational efficiency.
