Papa John's International, Inc. (NASDAQ: PZZA) has just completed a strategic refranchising and new restaurant development agreement with franchisee Chris Patel of Pie Investments. Patel and his team have taken over the ownership and operation of 85 restaurants previously operated by Colonel’s Limited, LLC, which was a joint venture between Papa John's and Steeplechase Express, Inc.
In addition to assuming control of the existing restaurants, Patel has announced plans to open an additional 52 new restaurants by 2030, expanding Papa John's footprint across the greater Philadelphia, Washington, D.C., and Baltimore markets. This move solidifies Pie Investments as one of Papa John's largest domestic franchise partners, with a total of more than 150 restaurants now under their operation.
The strategic refranchising comes after a period of growth for Patel and Pie Investments, who already operate Papa John's restaurants across the northeast. Their goal is to own 250 restaurants by 2030, and with this recent development, they are well on their way to achieving this target.
William Freitas, of Colonel’s Limited, LLC, led the opening of the first Papa John's restaurant in 1993 and played a significant role in the brand's expansion into the world's third-largest pizza delivery company. The franchisee was also an early adopter of digital channels, enabling Papa John's to become the first major pizza chain to offer online ordering.
This strategic move highlights Papa John's commitment to empowering franchisees for success and emphasizes the brand's appeal as an investment opportunity for entrepreneurs. Chris Patel's track record in acquiring restaurants and improving their profitability has been recognized across the Papa John's system, making him a key figure in the company's growth strategy.
As a result of these announcements, the company's shares have moved 1.8% on the market, and are now trading at a price of $41.20. Check out the company's full 8-K submission here.
