Investing.com -- Papa John's International shares have risen 4.9% in premarket trading after Reuters reported that the pizza chain's largest U.S. franchisee has joined investment firm Irth Capital's effort to take the company private.

Nadeem Bajwa, who operates nearly 300 Papa John's locations representing around 10% of the chain's domestic restaurants, plans to make a "significant investment" in the buyout, according to people familiar with the matter cited by Reuters.

Bajwa, who began his career delivering pizzas for the chain as a college student, has built his Bajco Group into a significant operation alongside family members over more than two decades.

His involvement strengthens Irth's existing $47-per-share offer, which carries backing from Brookfield Asset Management and represents a 44% premium to Thursday's closing price of $32.72.

A previous joint bid with Apollo Global Management fell apart in 2025. Irth, which is backed by a member of the Qatari royal family, owns roughly 10% of Papa John's, about half through derivatives.

Papa John's shares are down nearly 15% year to date, weighed down by a first-quarter earnings miss and weaker North American sales. The company has 6,000 locations worldwide.