Apollo Global Management offers US$64 per share to take Papa John’s private in renewed bid

USA – Apollo Global Management has submitted a new proposal to acquire pizza chain Papa John’s International privately at US$64 per share, according to multiple reports from mid-October 2025.

This offer follows Apollo’s earlier joint bid with Irth Capital Management at just over US$60 per share made in June 2025.

The situation remains fluid, with no guarantee that a deal will be finalized despite growing investor interest and activist shareholders showing enthusiasm for the pizza brand.

Papa John’s market capitalization stands at around US$1.6 billion amid a strong 18% stock surge in 2025.

The pizza chain reported quarterly revenues of US$529.2 million for the period ending June 29, 2025, up by 4%.

However, net profits declined nearly 23% to US$9.7 million, reflecting margin pressures commonly experienced across the quick-service restaurant sector this year.

Founded in 1984 by John Schnatter in Jeffersonville, Indiana, Papa John’s began as a small pizzeria in his father’s tavern. Schnatter famously sold his 1971 Camaro Z28 to purchase initial pizza equipment.

The brand expanded rapidly through franchising, going public in 1993 and growing internationally into over 50 countries.​

The company maintains headquarters in Atlanta and Louisville. After Schnatter’s 2018 resignation, the leadership shifted focus toward innovation and digital expansion.

Strategic investments, including a US$200 million stake from Starboard Value in 2019, supported brand revitalization.

Apollo’s renewed bid is part of a growing wave of private equity interest in restaurant brands, with Papa John’s credit agreement recently extended to 2030, providing financial stability amid acquisition efforts.

The US$64 per share offer is a premium to previous bids and current market prices, drawing significant investor attention. Apollo’s stock price remained strong despite minor fluctuations in after-hours trading.

Recent ownership structure of Papa John’s includes institutional investors such as Vanguard Group, BlackRock, and State Street, each holding significant equity stakes. Activist investors and private equity firms have driven strategic decisions, aiming for operational efficiencies and brand growth.

This acquisition bid underscores consolidation trends in quick-service restaurants, where operational improvements and geographic expansion remain key to long-term growth success.

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