In November 2007, The Halifax Group partnered with PJ United's management team, led by founder and CEO, Douglas Stephens, by acquiring a majority stake through a leveraged recapitalization transaction. Management achieved partial liquidity, while still maintaining a meaningful ownership stake in the business.

PJ United, founded in 1991 and headquartered in Birmingham, AL, is the largest Papa John's International franchise group with 116 locations in 6 states. The Company went public in 1996, and subsequently, the management team and a group of shareholders took the company private in 2001. Headquartered in Louisville, Kentucky, Papa John's International, Inc. (NASDAQ: PZZA) is the world's third largest pizza company with approximately 3,100 locations.

After PJ United was taken private in 2001, the management team successfully divested non-core operations and grew the core business, resulting in increased profitability. The management team then wanted to focus its efforts on expanding the company through the construction of de novo locations and acquisition of existing Papa John's locations. However, the shareholders did not want to re-invest annual cash flow into the business as they were content with the annual distributions they were receiving.

The Halifax Group has agreed to assist management with its execution of a strategic growth plan. Halifax will provide management with strategic guidance and access to its network of human and financial resources, while identifying additional opportunities for growth.