Papa John’s has completed a significant ownership transfer of 85 restaurants in the Washington, D.C., and Baltimore areas to the franchisee group Pie Investments, led by Chris Patel. The deal is part of Papa John’s broader refranchising strategy as the company moves away from operating company-owned stores in favor of a franchise-led growth model. Following the transaction, Pie Investments now operates more than 150 Papa John’s locations across six states, strengthening its role as one of the brand’s largest United States franchise operators.
The agreement extends beyond the acquisition itself. Pie Investments has committed to developing 52 additional restaurants across the Greater Philadelphia, Washington, D.C., and Baltimore markets by 2030. This expansion effort supports Papa John’s long-term plan to accelerate its footprint through experienced franchise partners and positions Pie Investments to reach a targeted 250 stores by the end of the decade. Patel’s group, known for its operational discipline and local market insight, is expected to drive strong performance across these territories.
Papa John’s leadership publicly welcomed the transition. Ravi Thanawala, the company’s Chief Financial Officer and President of North America, praised Patel and his team for their record of high-performing operations, stating that the partnership reinforces the company’s growth ambitions and customer-experience standards. Patel noted that the deal provides access to the brand’s evolving infrastructure, marketing, and support resources, which strengthen the organization’s ability to deliver consistent service quality.
The refranchising initiative reflects a broader shift in Papa John’s corporate strategy under CEO Todd Penegor. By increasing reliance on franchise operators with proven regional expertise, the company aims to improve efficiency and agility during a period of economic pressure and competitive intensity in the quick-service category. The move also demonstrates an industry-wide trend toward asset-light expansion, in which established brands leverage local operators to scale more sustainably and strengthen market performance.
