Papa John’s International Announces Major Strategic Refranchising Agreement With Sun Holdings to Accelerate Domestic Development
Top U.S. franchise operator Sun Holdings to assume ownership and operation of Papa Johns (PZZA) share in 90-restaurant joint venture with Blue and Silver Ventures, Ltd.
The strategic refranchising deal between Papa Johns and Sun Holdings builds upon the historic development agreement signed by the two parties in
“Sun Holdings is a proven, well-capitalized operator who understands our ambitious goals to expand the footprint of our brand,” said
“We are excited to partner on an even larger scale with Papa Johns (PZZA), an innovative brand that is well-positioned in the QSR industry and has already begun to deliver a high return on our investment,” said
The agreement continues a rapid acceleration of unit growth and development activity by Papa Johns (PZZA) in the U.S. and across the globe. In January, Papa Johns (PZZA) announced its biggest franchisee development agreement in the company’s history – a partnership with FountainVest Partners to open more than 1,350 new stores across
For more details on the expected financial impacts of the transaction, please see the Company’s Form 8-K filed today with Securities and Exchange Commission.
Forward-Looking Statements
Papa John’s cautions that this press release contains forward-looking statements, including, without limitation, statements relating to expectations concerning the refranchising transaction, business performance, franchise and unit development, refranchising plans and other financial and operational measures. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, material adverse changes in economic or industry conditions generally and risks associated with or related to the COVID-19 pandemic . If one or more of these risks or other risks materialize, actual results may vary materially from those expressed or implied in these forward-looking statements. For a more complete discussion of other risk factors affecting Papa John’s, see Papa John’s filings with the Securities and Exchange Commission, including Papa John’s annual report on Form 10-K for the fiscal year ended
About Papa Johns (PZZA)
Papa John’s International, Inc. opened its doors in 1984 with one goal in mind: BETTER INGREDIENTS. BETTER PIZZA.® Papa Johns (PZZA) believes that using high-quality ingredients leads to superior quality pizzas. Its original dough is made of only six ingredients and is fresh, never frozen. Papa Johns (PZZA) tops its pizzas with real cheese made from mozzarella, pizza sauce made with vine-ripened tomatoes that go from vine to can in the same day and meat free of fillers. It was the first national pizza delivery chain to announce the removal of artificial flavors and synthetic colors from its entire food menu. Papa Johns (PZZA) is co-headquartered in
About Sun Holdings
Sun Holdings, Inc. was founded in 1997 by
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Source: Papa John’s International, Inc.