Papa John's International, Inc. announces acquisition

Business Wire, Dec 1, 1995

LOUISVILLE, Ky.--(BUSINESS WIRE)--Dec. 1, 1995--Papa John's International, Inc. (Nasdaq:PZZA) announced today its acquisition of Kentuckiana Pizza, Ltd. and Kentuckiana Pizza, Ltd., II, franchisees of 13 Papa John's restaurants in the Indianapolis market.

The companies were acquired for $5.1 million of Papa John's common stock in a transaction accounted for as a pooling of interests. The acquired companies had long-term debt of $1.1 million which Papa John's assumed and retired at the closing.

The operating principals of Kentuckiana Pizza, Ltd. and Kentuckiana Pizza, Ltd, II, also operate eight Papa John's franchised restaurants in North Miami, with development rights for an additional six units.

"This acquisition represents a great fit geographically and operationally," stated Papa John's founder and CEO, John Schnatter. "These restaurants have strong sales volumes. We plan to open four or five more units in this market, and anticipate the increased market penetration will enhance the current sales levels."

Papa John's International, based in Louisville, Kentucky, operates and franchises a total of 837 pizza delivery and carry-out restaurants in 22 states. With the completion of this acquisition, at Dec. 1, 1995, there are 207 Company-owned and 630 franchised Papa John's restaurants.

CONTACT: Papa John's International, Inc., Louisville

Dru Milby, 502/266-5200