Halifax Announces the Sale of PJ United
Marks Successful Exit of the Largest Franchisee of Papa John’s Pizza
WASHINGTON, DC – January 9, 2014 – The Halifax Group, a leading private equity firm that partners with management to invest in growing entrepreneurial companies, announced today that it has sold PJ United to management and TPG Growth. Terms of the sale were not disclosed. PJ United is headquartered in Birmingham, AL and is the nation’s largest franchisee of Papa John’s Pizza with 155 stores in 10 states.
Halifax invested in PJ United in November 2007. In partnership with Halifax, management grew the business through organic improvements to revenue and profitability. The team also added 26 stores through an acquisition completed in 2012 and opened 16 new locations within its existing footprint.
“We are extremely proud of our successful partnership with a highly dedicated PJ United team,” said Ken Doyle, managing director at Halifax. “Under Doug Stephens’ leadership, PJ United’s management team and employees built and maintained a true market leader in the pizza delivery industry throughout some of the most turbulent market conditions in recent history.”
“The success we have enjoyed at PJ United is due to the dedicated service of our 3,600 team members and our thousands of loyal customers throughout our service area,” said Doug Stephens, CEO at PJ United. “Halifax was instrumental in providing high level guidance and strategic support throughout our investment together. Halifax was and is a value-added partner to entrepreneurial businesses like ours.”
San Francisco, CA-based North Point Advisors served as exclusive advisor to Halifax and PJ United.
About The Halifax Group
The Halifax Group is a private equity firm that partners with managers and entrepreneurs to recapitalize and grow lower middle-market businesses across a variety of industries including health and wellness, infrastructure, business and government services and franchising. The firm maintains offices in Washington, D.C.; Dallas, TX; and Raleigh, NC. For more information, please visit www.thehalifaxgroup.com.
About PJ United
Founded in 1991, PJ United is the country’s largest franchisee of Papa John’s Pizza. Headquartered in Birmingham, Alabama, PJ United operates 155 stores in Alabama, Illinois, Louisiana, Mississippi, Missouri, Tennessee, Texas, Ohio, Utah, and Virginia. Papa John’s is well-known for its emphasis on quality, premium pizzas through the “Better Ingredients, Better Pizza” approach. For 12 out of the last 14 years, consumers have rated Papa John’s No. 1 in customer satisfaction among all national pizza chains in the highly regarded American Customer Satisfaction Index. For more information, visit www.papajohns.com.