Papa John's International, Inc. (NASDAQ:PZZA) today announced its acquisition of PJNJ, Inc., a 19-store Papa John's franchisee in New Jersey. The acquisition was for cash and is being accounted for as a purchase. Terms were not disclosed. In addition to the 19 existing restaurants, the acquisition provides Papa John's the opportunity to open up to 14 additional company-owned restaurants included in PJNJ's development agreement over the next 18 to 24 months.
"We welcome PJNJ and its team members to the Papa John's corporate family," said Papa John's regional vice president, Ross Peebles. "This aquisition gives us the opportunity to continue to open restaurants and build the Papa John's brand in the Garden State."
Following the acquisition on December 27, 1999, there were 2,278 Papa John's restaurants (590 company-owned and 1,688 franchised) operating in 47 states and five international markets. Papa John's also owns or franchises 206 Perfect Pizza restaurants (15 company-owned and 191 franchised) in the United Kingdom.
