Apollo Global Management, a private equity firm, has made another bid to acquire Papa Johns, the country’s fourth-largest pizza chain, according to a report from Reuters.
Reuters reported in June that Apollo Global Management and Irth Capital Management offered a deal that would value Papa Johns at just above $60 per share. Apollo, headquartered in New York City, has since upped that offer to $64 per share, Reuters says. The report, based on anonymous sources, noted that “the situation is fluid, and no deal is guaranteed.”
Additionally, “multiple activists are also circling the chain,” Reuters reported.
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If the Apollo deal goes through, Papa Johns would become a private company after being publicly traded since 1993.
As PMQ sister publication QSR has reported, Apollo has significant experience in the restaurant industry. It owns Mexican chain QDOBA and two years ago purchased Restaurant Group, whose portfolio includes Wagamama, a global brand focused on Asian food; the UK pub chain Brunning & Price Limited; and BarBurrito Mexican Eatery. Apollo also formerly owned Chuck E. Cheese.
Papa Johns’ same-store sales improved by 1% in the second quarter of 2025, after negative comps throughout 2024. The brand introduced the new Papa Dippa pizza—a partnership with Uber Eats—in September and tried to create some buzz with a Croissant Pizza that was offered for just two hours on September 10 to Papa Rewards members. This year has also seen Papa Johns’ new Cheddar Crust pizza launch and the Garlic 5-Cheese Crust.
In an August earnings call, Papa Johns CEO Todd Penegor told investors the Q2 2025 results “exceeded our expectations and are evidence that our strategy is working….We are focused on improving our core product proposition and premium menu innovation throughout our restaurants. We’re building a menu to not only capture the hearts and stomachs of customers but also generate margins that improve profitability for our franchisees. Our consumer research consistently shows that exciting menu innovations bring in new customers.”
