Papa John’s International receives strategic investment, names new independent directors
The company plans to use approximately half of the proceeds of the investment to re-pay debt, with the remaining proceeds providing financial flexibility.
Papa John’s International, Inc., Louisville, Ky., announced plans to receive a $200 million strategic investment from Starboard Value LP, New York.
In connection with the investment, the board of directors is expanding to include two new independent directors—Jeffrey Smith, chief executive officer of Starboard, who was appointed chairman of the Papa John’s Board, and Anthony Sanfilippo, former chairman and CEO of Pinnacle Entertainment, Inc. Their expertise and new perspectives will help support the company’s strategy to capitalize on its differentiated “BETTER INGREDIENTS. BETTER PIZZA.” market position and build a better pizza company. In addition, Steve Ritchie, Papa John’s president and CEO, was appointed to the board.