Papa John's International, Inc. announced the sale of its restaurants in Beijing and Tianjin, China.
Papa John’s China LLC sold its ownership of all 34 locations in Beijing and Tianjin to Asia Gourmet Holdings (Shanghai) CO., LTD., a portfolio company of Advantage Partners, a leading private equity firm in Asia.
“Asia Gourmet Holdings (Shanghai) is an experienced and successful operator with significant interests in the restaurant industry in China,” says 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.”
“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,” adds Nam Jeongil, Chairman of Asia Gourmet Holdings (Shanghai) CO., LTD. “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.”