PZZA - Papa John's in strategic refranchising agreement with Sun for pushing domestic development

Papa John's International (NASDAQ:PZZA) refranchised its majority stake in a JV between Papa Johns and Blue and Silver Ventures; Sun, multi-brand franchisee operator and one of Papa Johns largest domestic franchise partners, has assumed control of 90 Papa Johns restaurants in Texas. Under the earlier agreement between Papa Johns and Sun, the latter will open 100 new restaurants across high-growth markets, including in Texas, by 2029 besides the acquired restaurants. Blue and Silver Ventures continues to be a limited partner in the venture and their share of ownership remains unchanged. Transaction financial terms remain undisclosed. The agreement continues a rapid acceleration of unit growth and development activity by Papa John's in the U.S. and across the globe.

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Papa John's in strategic refranchising agreement with Sun for pushing domestic development