Papa John’s International has 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 operator of Papa John’s restaurants, has taken control of 90 locations in Texas. Blue and Silver Ventures remains a limited partner in the venture and its share is unchanged. The financial terms of the transaction were not disclosed.
“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.”
The refranchising deal builds on Sun Holdings and Papa John’s development agreement signed in September 2021. Sun Holdings will now open 100 new restaurants in high-growth markets as well as assuming control of existing locations.
“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.”
This follows recent news that the brand has pulled out of Russia following the conflict in Ukraine, but news has since emerged that a Papa John’s franchisee is refusing to close his locations in Russia.