Northern Europe-based private equity group EQT has invested in China F&B Group.

China F&B was founded in 2003 and is today the largest franchisee of both Dairy Queen and Papa John’s Pizza outside the US, with it’s over 500 restaurants in China.

“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 urbanisation, the development of lower tier cities and increase in disposable income,” said Yuka Yeung, EQT industrial advisor and board member of China F&B.

Li Ping, chairman of China F&B, adds: “Given the strong track record of EQT in developing chain stores and its credibility as a control investor in China, I strongly believe that China F&B has found the right partner to accelerate our expansion plan in China.”

The parties have agreed not to disclose the transaction value.