Papa John's International Inc (NASDAQ:PZZA) is planning to open 50 new restaurants by 2028 in partnership with franchisee Nadeem Bajwa and his company, The Bajco Group.

Bajco has grown over the past 20 years to become one of Papa John's largest domestic franchisees.

The agreement will be a boost to Bajwa's goal to own 500 Papa John's restaurants and expand Papa John's footprint in The Bajco Group's existing markets across the Midwest and in Arizona, Pennsylvania and Florida.

The arrangement will add to the more than 200 restaurants to the franchisee and the team currently operate.

"After starting his Papa Johns journey as a delivery driver, today he is one of the strongest ambassadors for the opportunities Papa Johns presents to its team members and franchisees," said Chief Restaurant Officer Joe Sieve.

Early this year, Papa John's unveiled the Back to Growth Program, a new development incentive program designed to accelerate growth in North America as part of its Back to Better 2.0 strategy.

The program is expected to boost restaurant-level margins during the first five years of operations of new restaurants, equating to a 600-basis point of annual cost savings in restaurant P&Ls.

In line with the program, Papa John's is making significant investments to strengthen its North America development infrastructure.

Price Action: PZZA shares closed higher by 0.38% at $63.98 on Monday.

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