News

Papa John's sale chatter widespread

September 27, 2018

Papa John's International Inc has requested offers to buy the company, according to Reuters and other news outlets. The information is attributed to unidentified "people familiar with the matter." Those sources relayed that Papa John's distributed information this week concerning "an auction to sell itself to other companies and private equity firms." First-round bids were expected, according to Reuters' source, by the end of October, though the sale is not guaranteed and other options were reportedly being explored.

Likewise this week, CNBC reported that the company's embattled founder, John Schnatter, contacted private equity firms about making an offer for the company, though Schnatter has denied that information. 

When contacted by this website, Papa John's spokesman Peter Collins said, "The company doesn't comment on market rumors."

Last month Reuters reported that the pizza company had hired Bank of America Corp and Lazard Ltd to prepare the ground for a sale.

Second-quarter salesfor the Louisville-based pizza concern dropped 6.1 percent, prompting the company to cuts its expected sales forecast.

The company has attributed its woes to problems from its separation from Founder John Schnatter.