The Halifax Group, a Washington, D.C.-based private equity group, has invested along with company management in PJ United, the largest operator of Papa John’s restaurants. Terms of the deal were not disclosed.
Halifax is a previous investor in PJ, which operates 194 units in 10 states. The firm was an investor between 2007 and 2013 before it was sold to TPG Growth.
“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,” PJ United CEO Doug Stephens said in a statement.
Halifax gets a piece of the largest franchisee in a system that has been buoyed by strong sales growth, particularly since the quarantine led to skyrocketing demand for delivered food. Same-store sales at the chain soared 24% in the third quarter ended Sept. 27.
PJ United has been an operator in the business for 29 years. The company primarily operates restaurants in the South, including Alabama, Florida, Georgia, Louisiana, Mississippi, Ohio, Tennessee, Texas, Utah and Virginia.
“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 Managing Partner Scott Plumridge said in a statement.
Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.