Investment firm Irth Capital is working with Papa John's International's PZZA.O largest U.S. franchisee, who controls around 10% of the pizza chain's domestic restaurants, to take the company private, three sources told Reuters.

Nadeem Bajwa, who delivered pizzas for the chain as a college student and now operates nearly 300 Papa John's locations, will make a "significant investment" in the buyout process, said two of the sources, who are not permitted to publicly discuss the private talks. The board and management were recently informed of his intentions, the people added.

Bajwa's involvement unites Papa John's biggest U.S. operator with Irth, which is one of the company's top five investors. As a franchisee, Bajwa's interest adds an unusual twist to the company's long-running sales process, one that industry analysts say may accelerate the take-private process.