Qatari-Backed Irth Capital Makes USD 1.5B Bid to Take Papa John’s Private

Qatari-backed Irth Capital offers USD 47 per share to take Papa John’s private, valuing chain at about USD 1.5B

Irth Capital Management has submitted a USD 47 per share offer to acquire Papa John’s International, valuing the pizza chain at roughly USD 1.5 billion and representing about a 50% premium over the company's recent share price. The proposed bid — disclosed by WAYA — comes from the asset manager founded in 2024 and backed by a member of Qatar’s royal family and Brookfield Asset Management. Irth already holds an approximately 10% stake in Papa John’s, strengthening its position ahead of the proposed acquisition.

"Irth has proposed paying USD 47 per share, valuing the company at approximately USD 1.5 billion."

Context and details

Irth Capital was co-founded by Sheikh Mohamed bin Abdulla Al‑Thani, formerly of the Qatar Investment Authority (QIA), and investor Matthew Bradshaw, who previously led Durational Capital Management. The firm launched in 2024 and the Papa John’s proposal would be among its first major global acquisitions since inception.

• Offer price: USD 47 per share
• Implied company valuation: ~USD 1.5 billion
• Irth’s reported stake in Papa John’s: ~10%
• Market value before bid: near USD 1 billion (as of Tuesday’s close)

The bid arrives at a difficult moment for Papa John’s. The chain recently announced plans to close hundreds of North American locations, streamline its menu and reduce corporate headcount as part of a wider turnaround strategy. The company expects same-store sales in North America to decline this year. Papa John’s has faced a challenging period since 2017, when founder John Schnatter stepped down as CEO following controversial remarks and later resigned as chairman — an episode that coincided with a sharp drop in sales.

Irth’s offer equates to roughly a 50% premium over the pre-bid market price, an indication of confidence that a private ownership structure could facilitate a turnaround. The firm is reportedly backed by Brookfield Asset Management in addition to ties to Qatar’s royal family, giving it significant firepower and political capital for cross-border deals.

Outlook

Papa John’s board is reviewing the proposal, and the company has not committed to accepting the offer. WAYA notes there is no guarantee the bid will be accepted and that other potential buyers could emerge. If the transaction proceeds, a private buyout would give Irth—and its backers—flexibility to pursue more aggressive restructuring without the public market’s scrutiny.

For Irth, a successful acquisition would represent an opportunity to revive a global brand at a discounted valuation; for Papa John’s, private ownership could offer the operational latitude it needs to stem store closures and reinvigorate sales. The coming weeks will determine whether negotiations move forward, whether rival suitors materialize, and how the company balances short-term cost cuts with longer-term brand recovery plans.