FountainVest Partners, an independent private equity firm with offices in Beijing, Shanghai, and Hong Kong, has partnered with International Dairy Queen Corp., through its subsidiary American Dairy Queen Corp., to open 600 DQ restaurants in China by 2030.
The franchise agreement was created through FoutainVest’s franchise ownership company, CFB Group. The two firms will begin the expansion endeavor through the opening of 100 DQs in 2022. FountainVest concentrates on long-term investments in industry leaders with a history of high growth. CFB, recently acquired by FountainVest, is a franchise group with over 900 existing DQs in mainland China.
“The market for frozen treats is booming in China and we predict the industry will continue a rapid growth trajectory during the next ten years,” said Andrew Huang, managing director at FountainVest Partners. “FountainVest is committed to fully supporting CFB Group’s growth of both its existing DQ restaurants and opening 600 new DQ restaurants by 2030.”
“We’ve seen immense success from DQ restaurants in China, and with our strength in digitalized operations, social media management and sub-franchisee expansion, we see endless growth opportunities for this well-loved brand.” added Alan Hsu, CEO at CFB Group. “With continued support in innovation and product development from IDQ, we will grow our fan base further and open new DQ restaurants in 2022 and beyond. We have great confidence in the DQ brand.”