Papa John's Ramps Up China Expansion Via FountainVest Partnership

  • Papa John's International Inc PZZA has entered into a partnership with FountainVest Partners, an Asian private equity firm, to open more than 1,350 new stores across South China by 2040. The financial terms were not disclosed.
  • The company expects the franchise development agreement to expand its footprint in China.
  • "Our new development agreement with FountainVest alone stands to grow Papa John's current global unit count by 25%," said CEO Rob Lynch.
  • FountainVest has also purchased a majority stake in the current Papa John's franchisee CFB Group, which owns and operates approximately 160 restaurants in Shanghai and across southern China.
  • Price Action: PZZA shares closed higher by 2.45% at $125.92 on Thursday.
Market News and Data brought to you by Benzinga APIs
Posted In: NewsContractsRestaurantsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!