M&A Deal Summary

Papa John’s Acquires PJNJ Foods

On January 1, 1999, Papa John’s acquired restaurant PJNJ Foods from Patriot Capital for 7M USD

Acquisition Highlights
  • This is Papa John’s’ 1st transaction in the Restaurants sector.
  • This is Papa John’s’ 2nd largest (disclosed) transaction.
  • This is Papa John’s’ 1st transaction in the United States.
  • This is Papa John’s’ 1st transaction in New Jersey.

M&A Deal Summary
Date 1999-01-01
Target PJNJ Foods
Sector Restaurants
Buyer(s) Papa John’s
Sellers(s) Patriot Capital
Deal Type Add-on Acquisition
Deal Value 7M USD

Target

PJNJ Foods

New Jersey, United States
PJNJ Foods, Inc. was a franchisee of 19 Papa John's restaurants in New Jersey.

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Buyer(S) 1

Buyer

Papa John’s

Louisville, Kentucky, United States
Category Company
Founded 1984
Sector Franchising
Employees13,200
Revenue 2.1B USD (2023)
DESCRIPTION
Papa Johns' office in Atlanta, Georgia.
Papa Johns' office in Atlanta, Georgia.

Papa John’s is a pizza franchisor and delivery company. Papa John’s was founded in 1984 and is based in Louisville, Kentucky.

DEAL STATS #
Overall 1 of 5
Sector (Restaurants) 1 of 5
Type (Add-on Acquisition) 1 of 4
State (New Jersey) 1 of 1
Country (United States) 1 of 3
Year (1999) 1 of 4
Size (of disclosed) 2 of 4
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-03-28 Minnesota Pizza Company

Minnesota, United States

Minnesota Pizza Company, LLC was a franchisee that operated 37 Papa John's restaurants in the Minneapolis/St. Paul, Minnesota market.

Buy $5M

Seller(S) 1

SELLER

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.

DEAL STATS #
Overall 2 of 50
Sector (Restaurants) 1 of 1
Type (Add-on Acquisition) 1 of 29
State (New Jersey) 1 of 5
Country (United States) 2 of 50
Year (1999) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-01-01 Telecom USA Publishing Group

United States

Telecom USA Publishing Group, Inc., a leading independent telephone directory business, was a prior investment of Mr. Stelljes' at Allied Capital. At the time of investment the Company published 38 independent yellow page directories and had approximately $36 million in revenues. The investment allowed the Company to continue its expansion into Iowa, Colorado, and the Dakotas. Allied also contributed its ownership in the Denver Directory, giving the Company an anchor book in a major growing market. Last year the group published 267 directories and generated $300 million in revenues

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-09-01 ExpertPlan

East Windsor, New Jersey, United States

ExpertPlan provides private-label retirement solutions to the financial services industry. The company's Web-based 401(k) platform enables ExpertPlan's clients in the financial services industry to service small companies in a more cost-effective and user-friendly manner and provide a broader array of product choices.

Buy -
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