Owner of Dairy Queen, Papa John’s China operations is said to weigh US$500 million sale

Published Wed, Feb 11, 2026 · 12:57 PM

[HONG KONG] FountainVest Partners is considering selling the franchise operator of Papa John’s and Dairy Queen (DQ) in China, sources familiar with the matter said.

The private equity firm is in discussions with financial advisers about the potential disposal of CFB Group, which also owns Chinese restaurant brands Brut Eatery and Jin Ya Ju. A transaction may value CFB at about US$500 million, the sources said, asking not to be identified because the deliberations are private.

Considerations are preliminary and a formal process might not kick off until later in the year, the sources said. FountainVest could also decide against selling for now, they said.

FountainVest did not respond to a request for comment.

CFB operates more than 1,800 stores in Greater China, including DQ’s Blizzard & Burgers, with almost 10,000 full-time and part-time employees, its website shows. DQ is owned by Warren Buffett’s Berkshire Hathaway and has about 7,000 stores in over 30 countries. The brand entered China in 1992.

Several high-profile global brands have been re-evaluating their China operations, including Starbucks, which has agreed to sell to its business in the country to private equity firm Boyu Capital. Restaurant Brands International is also selling control of Burger King China to buyout firm CPE.

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FountainVest acquired a stake in CFB from EQT in 2022 for an undisclosed amount. CFB was founded in 2003 and EQT bought its majority stake in 2013.

Established in 2008, FountainVest focuses on consumer, industrial, business services and health care. It has backed companies including US-listed Amer Sports and New Zealand-based pet-food maker Ziwi.

In July, it agreed to buy a stake in Milan-based EuroGroup Laminations. The firm has offices in Hong Kong, Shanghai, Beijing, Singapore and Frankfurt. BLOOMBERG