Benzinga | Jan 7, 2022 01:03PM EST

Papa John's Ramps Up China Expansion Via FountainVest Partnership

* 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.