Papa Johns has a market capitalisation of $1.6bn. Credit: Retail Photographer/ Shutterstock.

Qatari-backed investment fund Irth Capital Management is considering a takeover bid for US-based pizza chain Papa Johns, as reported by Semafor.

The investment fund, which is supported by a member of Qatar’s royal family, has consulted with advisers about making a private bid for Papa Johns, which has a market capitalisation of $1.6bn. 

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Irth Capital Management, co-founded by Matthew Bradshaw and Sheikh Mohamed “Moe” al Thani, disclosed a 4.99% stake in Papa Johns in 2024. This equates to 1.6 million shares valued at $70m – just below the threshold that would require it to disclose any plans. 

Irth’s approach is to reportedly acquire small stakes in public companies, in order to eventually acquire them completely. 

In an investor brochure, the company stated that it “creates many of its own opportunities”. 

Bradshaw has significant experience, having previously co-founded Durational Capital.  

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Durational is known for taking Bojangles private in partnership with The Jordan Company for $593.7m.  

That deal, first announced in 2018, was finalised on 28 January 2019 after gaining shareholder approval.  

Durational also acquired mattress company Casper in 2021 and made it private. 

Regulatory filings indicate that Irth manages assets valued at $200m. 

In 2018, Papa Johns was believed to be a takeover target of Trian Partners.  

In 2019, activist firm Starboard Value invested $200m in the pizza chain.  Papa Johns then agreed to repurchase shares from Starboard Value in March 2023. 

In January 2025, the chain unveiled its strategy to re-enter the Indian foodservice market, targeting a 2025 launch. It had exited India in 2017 due to operational and branding challenges.