Expansion reflects Papa Johns’ “global opportunity and quality of franchisees,” says CEO
Papa Johns has said it is planning to open more than 1,350 of its pizza stores in South China by the year 2040.
The pizza chain says it is teaming up with FountainVest Partners, a private equity firm in Asia, for the deal, which will increase Papa Johns’ global store count by 25%.
“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,” CEO Rob Lynch said, in a statement.
The agreement is also reportedly the largest for development in the history of the franchise.
Lynch previously expressed interest in expanding the brand to China, using it as an example of a large market yet to be filled, reports CNN Business.
“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,” said Andrew Huang, Managing Director of FountainVest, in a statement. “We look forward to working with the Papa Johns team as we rapidly scale the brand’s presence across China.”
Papa Johns is just the latest pizza chain to take its pies to China, with Pizza Hut opening 103 stores in the country in the third quarter of last year and Domino’s CEO recently expressing optimism for long-term success in the area.
The pizza chain has also recently been planning expansions to other parts of the world as well, including to Kenya, Uganda, the UK, and areas of Latin America.
“Papa Johns has enormous global development whitespace in the US and in attractive growth markets, especially relative to our peers,” Lynch said.
The move also comes following a recent rebrand by Papa Johns, which included dropping the apostrophe from its name and updating its store and log appearances.