,China

Papa John’s inks deal to open over 1,300 stores in China by 2040

The franchisee development agreement is the biggest in the pizza chain’s history.

Papa John’s has signed an agreement with Asian independent private equity firm FountainVest Partners to open more than 1,350 new stores across South China by 2040 - the biggest in the chain’s history. 

FountainVest has also purchased a majority stake in current Papa John’s franchisee CFB Group, which owns and operates approximately 160 restaurants in Shanghai and across southern China.

“This partnership with FountainVest marks another major milestone in achieving Papa Johns global growth potential, reflecting both the scale of our brand’s global opportunity and the quality of franchisees that are investing in our future,” Papa John’s president and CEO Rob Lynch said in a statement. 

“Papa Johns has enormous global development whitespace in the US and in attractive growth markets, especially relative to our peers. Our new development agreement with FountainVest alone stands to grow Papa Johns current global unit count by 25%.”

“At FountainVest, our investment process begins by identifying growth-oriented, industry-leading enterprises that are aligned with the growth dynamics of the Chinese marketplace,” said Andrew Huang, managing director of FountainVest. “Papa Johns premium position offers an attractive opportunity in the QSR sector, which has already been proven in China and which we believe will continue to thrive.” 

Amanda Clark, Papa John’s chief development officer, added, “FountainVest is exactly the kind of partner we look to help grow our brand internationally. They are well-capitalized, experienced operators with deep knowledge of their local market. They clearly recognize our brand’s promising outlook and strong unit economics.”

In recent years, Papa John’s has entered 15 new countries, including Spain, Portugal, Germany, Cambodia, Pakistan, France and Poland.

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The brand previously revealed it will open ten sites this year.
The burger is available until 31 January in Absurd Bird sites.
The company operates 18 restaurants in the UK.
This will be the fifth London site for the Australian chef.
She joined Papa John’s in 2015 as senior director for digital marketing and most recently served as senior vice president for customer experience.
274 million orders were processed in the fourth quarter of last year.
This effectively ends a takeover bid from the Issa brothers' EG Group.
The company will invest over £9.2 million to raise hourly rates amidst sector-wide labour shortages.
Founded in 2017, it already has a presence in ten countries, including the US, UK and Australia.
The move is expected to create 1,000 jobs and 4,000 over the next three years.
Deliveroo, meanwhile, reported a 117% surge in plant-based ordering across the UK since Veganuary 2021.
It also has plans to grow in Edinburgh in the next few years.
Sales in December 2021 ran at approximately 63% of 2019 levels.