Benzinga | Sep 29, 2021 08:29AM EDT

Papa John's Signs Domestic Development Deal With Sun Holdings

* Papa John's International Inc (NASDAQ:PZZA) has signed a franchisee development agreement with Sun Holdings, Inc. The financial terms of the deal were not disclosed.

* Under the terms of the deal, Sun Holdings will oversee the opening of 100 new stores in high-growth markets across Texas by 2029.

* Dallas-based Sun Holdings, founded by Guillermo Perales, currently supports more than 1,000 locations across 12 states.

* "Papa John's development flywheel has started to take off," said Chief Development Officer Amanda Clark.

* Price Action: PZZA shares closed lower by 2.70% at $125.19 on Tuesday.