Franchise News
QSR: Papa John's Completes Sale of China Restaurants
A private equity firm has purchased all 34 of the pizza chain’s locations in China.
Papa John’s International, Inc. has finalized the sale of its restaurants in China.
According to a press release published by qsr.com, all 34 of the pizza franchise’s locations in Beijing and Tianjin have been purchased by Asia Gourmet Holdings (Shanghai) Co., Ltd., a portfolio company and subsidiary of private equity from Advantage Partners.
“We are excited to work together with Papa John’s and further build upon the tradition of quality ingredients and strong customer service they have created in China,” said Nam Jeongil, Chairman of Asia Gourmet Holdings (Shanghai). “There is a bounty of opportunities for Papa John’s in Beijing and Tianjin. We will apply Asia Gourmet Holding’s knowledge of the region and success with our existing restaurant concepts, such as Zheng Yi Wei, a leading chain of restaurants offering Korean cuisine, to the Papa John’s business.”
Read the full press release at qsr.com.
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