Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced that it has refranchised the restaurants previously owned and operated by Colonel’s Limited, LLC, a joint venture between Papa Johns and Steeplechase Express, Inc. Pie Investments, led by Chris Patel, a leading franchisee operator and now one of Papa Johns largest domestic franchise partners, has assumed control of 85 Papa Johns restaurants in the Washington, D.C. and Baltimore markets. Through a joint venture with Papa Johns, the restaurants were previously owned and operated by Colonel’s Limited, LLC, led by William Freitas, one of Papa Johns longest-standing franchisee partners, who is retiring. Papa Johns and Pie Investments also announced plans to open 52 additional new restaurants by 2030 to expand Papa Johns footprint across the Greater Philadelphia, Washington, D.C. and Baltimore markets.
The strategic refranchising follows a period of growth for Patel and Pie Investments, who operate Papa Johns restaurants across the Northeast. With this refranchising, Pie Investments now owns more than 150 Papa Johns restaurants, furthering Pie Investments’ goal of owning 250 restaurants by 2030.
“Chris Patel’s growth mindset and entrepreneurial spirit are exactly the qualities Papa Johns is looking to emphasize among our franchisees as we work to be the best pizza makers in the business,” said Ravi Thanawala, Chief Financial Officer and President, North America at Papa Johns.
“Papa Johns well-known commitment to quality continues to make the brand an attractive investment for entrepreneurs,” said Chris Patel, COO and equal partner of Pie Investments.
“Bill Freitas and his team at Colonel’s Limited will be remembered as pioneers among those like Chris Patel who are following in their footsteps,” Thanawala said.