Papa John's expands footprint by acquiring 85 stores, commits to opening 52 more by 2030 in D.C. and Baltimore markets.

Papa John's International, Inc. saw a rise in shares following the announcement of a significant refranchising initiative. The company disclosed that Pie Investments, a long-term franchisee, has taken control of 85 establishments previously managed by Colonel's Limited, LLC, with plans to open 52 additional stores by 2030. These newly acquired outlets are located in markets spanning Washington, D.C. and Baltimore. Pie Investments now operates more than 150 Papa John's locations and has set a target to possess 250 stores by 2030. Colonel's Limited, LLC, with ties to Papa John's dating back to 1993, had established a strong reputation as a previous operator.