Franchising

Private-equity firm invests in Papa John's biggest franchisee

Photo: iStock.

December 8, 2020

The Halifax Group, a private-equity firm, has invested in Papa John's largest franchisee, PJU Holdings Inc., which was previously a portfolio company of TPG Growth, a news release said.

Halifax partnered with PJU Holdings CEO Doug Stephens, as well as the company's management team, all of whom will remain with the company after the transaction. Terms of the transaction weren't disclosed, however, Halifax previously invested in PJU Holdings from 2007 to 2013.

Headquartered in Birmingham, Alabama, PJ United operates 194 of the pizza brand's stores across 10 states.

"We are appreciative for the support that TPG Growth has provided us over the past years and are excited to partner again with Halifax to execute on our strategy for joint success," Stephens said in the release. "Halifax shares our passion for operational excellence and has demonstrated that it can be a valuable strategic partner that will allow us to continue to build our business."

Halifax Vice President Amit Swaroop said the company sees future growth in the production and delivery of Papa John's products.

The firm has a tradition of partnering with managers and entrepreneurs to recapitalize and grow lower middle-market businesses with total enterprise values generally between $50 million and $300 million. It is headquartered in Washington, D.C.