Swedish private equity firm EQT has bought a majority stake in Chinese ice cream and pizza franchise business F&B Group.
SEB Private Equity and General Oriental Investments also backed the deal, which EQT said would enable F&B to continue growing and expand its store network.
The company is the Chinese franchiser of Papa John’s Pizza and China Dairy Queen, the second largest and largest restaurant chains of their types in China respectively.
F&B, which was founded a decade ago, is the largest franchiser of both businesses outside of the US.
EQT industrial adviser and F&B board member Yuka Yeung said, “Both the out-of-home ice cream market and pizza restaurant industry in China have grown rapidly in recent years.
“This has been driven primarily by an accelerated urbanization, the development of lower tier cities and increase in disposable income.”
That gave the Swedish bathroom supply company a valuation of SEK6.1bn (€678m).
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