Papa John’s International has sold its restaurants in Beijing and Tianjin in China.
The 34 stores have been bought by Asia Gourmet Holdings (Shanghai), a portfolio company of Advantage Partners, a private equity firm in Asia.
“Asia Gourmet Holdings (Shanghai) is an experienced and successful operator with significant interests in the restaurant industry in China,” said Tim O’Hern, president, international, Papa John’s.
“The new franchisee shares our commitment to quality and will represent our ‘Better ingredients. Better pizza’ brand promise well moving forward in the region.”
Nam Jeongil, chairman of Asia Gourmet Holdings, said the company was looking forward to building on the success Papa John’s had built in China to date.
“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.”