Papa Johns said Friday that it has signed a deal with the private-equity group FountainVest to develop 1,350 locations in China by 2040, the biggest development deal in the pizza chain’s history.
The deal would considerably expand the brand’s presence in the fast-growing economy. It would also on its own increase the pizza chain’s international unit development by 50%.
FountainVest purchased a majority stake in current Papa Johns franchisee CFB Group, which owns and operates 160 locations around Shanghai and Southern China. The firm is focused on investing in businesses that can take advantage of the rapidly increasing Chinese middle class.