- Papa John’s International Inc (NASDAQ: 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.