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Papa John's Pizza Sells 35 Units to Milestone Capital

MINNEAPOLIS-Following the release of its Q2 numbers, in which the company increased its 2005 EPS guidance, Louisville, KY-based Papa John's Pizza is selling 35 company-owned stores in the Twin Cities market, and another 49 in Colorado.

By Dana Dubriwny | Updated on August 18, 2005

MINNEAPOLIS-Louisville, KY-based Papa John’s Pizza is selling 35 company-owned pizzerias in the Minneapolis/St. Paul market. The sale is part of a larger agreement to relinquish 84 stores, in Colorado and Minnesota to PJCOMN Acquisition Corp., an affiliate of Washington DC-based private equity firm Milestone Capital Management, LLC.

“While we are committed to growing our base of company-owned restaurants where it makes strategic sense, this sale allows us to tighten our geographic focus of corporate operations while adding an excellent new franchisee to our system,” said Papa John’s COO, Bill Van Epps, in a statement. Although terms of the deal were not disclosed, the sale is expected to close at the end of the third quarter or beginning of the fourth quarter, and is not expected to have a “significant impact” on the company’s 2005 operating results.

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