Papa John's Inks Refranchising Agreement With Sun Holdings

Papa John's International Inc PZZA has re-franchised its majority stake in a joint venture between Papa Johns and Blue and Silver Ventures Ltd. The financial terms of the transaction were not disclosed.
Sun Holdings, one of Papa Johns largest domestic franchise partners, has assumed control of 90 Papa Johns restaurants in Texas.
Blue and Silver Ventures will continue to be a limited partner in the venture, and their share of ownership will remain unchanged.
"Sun Holdings is a proven, well-capitalized operator who understands our ambitious goals to expand the footprint of our brand," said Amanda Clark, Papa John's Chief Development Officer.
Price Action: PZZA shares are trading lower by 0.39% at $105.30 on the last check Thursday.