Papa John's International, Inc. announced a partnership with FountainVest Partners to open more than 1,350 new stores across South China by 2040. The franchisee development agreement, the biggest in Papa Johns history and the larger master franchise deal announced in the pizza industry in recent years, is expected to greatly expand the Company's footprint in China, one of the world's fastest-growing pizza delivery markets. Since 2007, FountainVest, a long-term oriented private equity firm, has focused on investing in businesses that benefit from the rising aspirations of the expanding Chinese middle class by partnering with industry leaders and executing relevant high-growth transactions.

Through the first three quarters of 2021, Papa Johns sustained its strong momentum from the prior year, delivering nine quarters of positive sales growth and significantly accelerating unit growth. Similarly strong unit economics attracted franchisees to sign new and expanded development agreements with the brand, exemplified by the company's larger international and domestic development deals at the time. In recent years, Papa Johns has entered 15 new countries, including Spain, Portugal, Germany, Cambodia, Pakistan, France and Poland.