The Scoop
An investment fund backed by a member of Qatar’s royal family is eyeing a takeover of an iconic American pizza chain.
Irth Capital Management has spoken with advisors about mounting a take-private bid for Papa Johns, which has a market cap of about $1.6 billion, according to people familiar with the matter. Irth was founded by Matthew Bradshaw and Sheikh Mohamed “Moe” al Thani, a member of the Qatari royal family (not to be confused with his mountaineer cousin who shares the same name and title). Bradshaw co-founded Durational Capital before starting Irth, and seems to be looking to replicate a playbook that he successfully ran at other companies — Durational took Southern fried-chicken stalwart Bojangles private in 2018 and did the same at mattress company Casper in 2021.
Irth disclosed a 4.99% position in Papa Johns last year, just beneath the threshold that would trigger disclosure of its plans. Irth’s investment strategy involves taking small stakes in public companies with an eye toward full takeovers: Irth “creates many of its own opportunities,” the firm said in an investor brochure.
Irth manages around $200 million, according to regulatory filings, and it isn’t clear how it plans to finance a potential bid. But al Thani spent three years at the Qatari sovereign wealth fund, his LinkedIn profile shows, so it’s possible Irth has deep pockets of its own to tap into.
Papa Johns has struggled compared to peers — look at shares of Yum! Brands, the parent of Pizza Hut, or of Dominos — and this isn’t the first time it’s been rumored as a takeout target. Nelson Peltz’s Trian Partners mulled a takeover in 2018, the Journal reported, and in 2019 activist investor Starboard Value made a strategic investment in the company.
