They sold all 34 locations to a private equity firm-owned portfoilo company.
Papa John's International has announced the sale of restaurants in Beijing and Tianjin, China.
The sale sees Papa John’s China giving full ownership of all 34 locations in the country to Asia Gourmet Holdings (Shanghai) CO., LTD., a portfolio company of private equity firm Advantage Partners.
“Asia Gourmet Holdings (Shanghai) is an experienced and successful operator with significant interests in the restaurant industry in China. The new franchisee shares our commitment to quality and will represent our Better Ingredients, Better Pizza brand promise well moving forward in the region,” Papa John’s international president Tim O'Hern said in a statement.
“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,” added Nam Jeongil, Chairman of Asia Gourmet Holdings (Shanghai) CO., LTD.
The sale was completed last June 15.
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