Qatari-backed Irth Capital offers $1.5B to take Papa John’s private, proposing $47 per share as the pizza chain navigates a challenging market.
Qatari-backed investment firm Irth Capital Management has submitted a $1.5 billion bid to take U.S. pizza chain Papa John’s International private, in a move that could mark one of the latest Gulf-backed acquisitions of a global consumer brand.
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The firm has proposed $47 per share, representing roughly a 50% premium over Papa John’s share price before the announcement. The offer values the company at around $1.5 billion, compared with a market capitalization of about $1 billion at Tuesday’s close.
Papa John’s confirmed it is reviewing the proposal, though the company noted that there is no certainty the offer will lead to a transaction. Other potential buyers could also emerge during the process.
Irth Capital already holds approximately a 10% stake in the pizza chain, giving the firm a strategic foothold as it pursues the takeover.
The investment firm was founded in 2024 by Sheikh Mohamed bin Abdulla Al-Thani, a former executive at the Qatar Investment Authority, alongside investor Matthew Bradshaw, previously head of Durational Capital Management.
The bid arrives at a challenging moment for the global pizza market. Competition has intensified from alternative fast-casual options, including Mexican-style chains and speciality coffee brands. Within the pizza category itself, Domino’s Pizza has steadily expanded its market share, overtaking rivals such as Papa John’s and Pizza Hut.
Papa John’s has been implementing a turnaround strategy that includes closing hundreds of locations in North America, simplifying its menu, and cutting corporate roles in an effort to improve profitability. The company has also warned that same-store sales in the region are expected to decline this year.
The brand has faced reputational and operational challenges since 2017, when founder John Schnatter stepped down as CEO following controversial remarks that damaged the company’s image. Schnatter later resigned as chairman, and the company experienced a sharp drop in sales.
For Irth Capital, the proposed acquisition could present an opportunity to revive a globally recognized brand at a discounted valuation, potentially positioning the company for long-term growth if a successful turnaround is achieved.
Why Irth Capital Matters to MENA
The bid highlights a broader trend of Gulf-backed investment firms expanding into global consumer brands. Investors linked to sovereign wealth networks in the region, including figures associated with the Qatar Investment Authority, are increasingly targeting undervalued Western companies with strong brand recognition.
For the Middle East, deals like this reflect a growing strategy of global diversification, where regional capital moves beyond infrastructure and energy into consumer, technology, and lifestyle sectors. If successful, the acquisition could also signal more MENA-backed buyouts of international retail and food brands in the coming years.
