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Papa John’s India buy shows nuanced ‘pizzazz’ for Vichar, Advani

Pizzas: Now with more pizzazz
Pizzas: Now with more pizzazz

Young Chennai-headquartered firm Vichar Partners advised the shareholder of the Indian franchisee of the world’s third-largest pizza chain Papa John’s in selling a majority stake to Avan Projects, which was advised by Advani & Co.

Vichar’s 2010-co-founding partner Aarthi Sivanandh and associates Akshaya Suresh and Raj Jhabakh acted for Papa John’s franchisee OM Pizza & Eats and its co-owner TVS Capital. With the Jawad Group, TVS sold an 80 per cent stake in OM to Avan, according to Mint.

Sivanandh commented in an email: “Purchases of controlling interest are often more nuanced and negotiated than vanilla equity stake purchases, so the deal had some pizzazz.”

Advani partner Kshitij Sancheti acted for Avan which will take over the management of the 20 Papa John restaurants in India.

The investment in OM Pizza was led by Avan Projects director Atulya Mittal, from Ispat Industries’ founder Vinod Mittal’s clan, who primarily owns metals and mining businesses, according to a press statement.

“At roughly Rs 2,300 crore, the Indian pizza market is big enough and growing fast enough to accommodate more than two major players,” Mittal told Business Today.

India is set to replace the UK as the second-largest international market for rival pizza chain Domino’s, after the US, reported the Economic Times recently.

Picture by The Pizza Review

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