Louisville / KY. (pj) Papa John’s International Inc. announced that it has refranchised its majority stake in a joint venture between Papa Johns and Blue and Silver Ventures, Ltd. Sun Holdings, a leading multi-brand franchisee operator and one of Papa Johns largest domestic franchise partners, has assumed control of 90 Papa Johns restaurants in Texas. Blue and Silver Ventures continues to be a limited partner in the venture and their share of ownership remains unchanged. Financial terms of the transaction were not disclosed.
The strategic refranchising deal between Papa Johns and Sun Holdings builds upon the historic development agreement signed by the two parties in September 2021, under which Sun Holdings will open 100 new restaurants across high-growth markets, including in Texas, by 2029, in addition to the restaurants it has acquired. Now with significant operational scale with the brand, Sun Holdings is strongly positioned to accelerate its development plans and Papa John’s domestic growth.
«Sun Holdings is a proven, well-capitalized operator who understands our ambitious goals to expand the footprint of our brand,» said Amanda Clark, Papa John’s Chief Development Officer. «We will continue to build new corporate restaurants as well as refranchise when we can provide our franchisees strategic scale to support the brand’s long-term growth, with this deal as a great example.»
«We are excited to partner on an even larger scale with Papa Johns, an innovative brand that is well-positioned in the QSR industry and has already begun to deliver a high return on our investment,» said Guillermo Perales, President and CEO of Sun Holdings. «We look forward to growing together and are thankful to the team at Papa Johns for the trust they are placing in Sun Holdings.»
The agreement continues a rapid acceleration of unit growth and development activity by Papa Johns in the U.S. and across the globe. In January, Papa Johns 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 South China by 2040.