Papa Johns may soon be headed for another major ownership shakeup after the company’s largest U.S. franchisee reportedly joined forces with investment firm Irth Capital in a renewed push to take the pizza giant private. The proposed deal, valued at roughly $1.5 billion, adds new momentum to a months-long effort to buy out the company as it faces slowing sales, rising costs, and mounting pressure across the fast-food industry.

According to Reuters , at the center of the talks is Nadeem Bajwa, head of the Bajco Group, which operates nearly 300 Papa Johns restaurants and controls about 10% of the chain’s domestic locations. Bajwa is reportedly preparing to make a “significant investment” alongside Irth Capital, one of Papa Johns’ top shareholders.

Sources familiar with the discussions said company leadership and board members were recently informed of Bajwa’s involvement.…