Partnering with one of Asia’s leading independent equity firm, U.S pizza chain Papa John’s is set to open more than 1,350 new stores across South China by 2040.
The franchisee development agreement with FountainVest Partners is the biggest in Papa John’s history and the largest mast franchise deal announced in the pizza industry in recent years. China is one of the world’s fastest-growing pizza delivery market.
“This partnership with FountainVest marks another major milestone in achieving Papa John’s global growth potential, reflecting both the scale of our brand’s global opportunity and the quality of franchisees that are investing in our future,” noted Rob Lynch, president and CEO Papa John’s.
“Papa John’s has enormous global development whitespace in the U.S and in attractive growth markets, especially relative to our peers. Our new development agreement with FountainVest alone stands to grow Papa John’s current global unit count by 25 percent.”
Kentucky-headquartered Papa John’s International opened its doors in 1984 and today is the world’s largest pizza delivery company with more than 5,500 outlets in 50 countries. It was also the first U.S pizza delivery chain to announce the removal of artificial flavours and synthetic colours from its menu.