Private-equity firm the Halifax Group announced Tuesday that they will be investing once again in Papa John’s largest franchisee, PJU Holdings, Inc. (Papa John’s United), which has 194 locations across 10 states. Halifax Group had previously invested in the Birmingham, Ala.-based franchisee from 2007 to 2013 and is now reinvesting a majority stake in the company for an undisclosed amount.
Papa John’s United has been a franchisee for 29 years and was previously a portfolio company of TPG Growth.
“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,” Doug Stephens, CEO of Papa John’s United, said in a statement. “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.”
The Halifax Group, meanwhile, specializes in equity recapitalizations, corporate carve-outs and management buyouts.
“We are honored to be chosen again by the PJ United management team as their partner, and to rejoin the Papa John’s family,” Scott Plumridge, managing partner at Halifax, said in a statement. “We have a tremendous amount of respect for the business that Doug and his team have built over the last three decades and continue to believe that Papa John’s is the premier national brand in delivery pizza.”
Halifax did not respond in time for comment about whether or not their investment is a majority stake.
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