International Dairy Queen and FountainVest Partners announce plans
International Dairy Queen Corporation (IDQ), through its wholly owned subsidiary American Dairy Queen Corp., a leader in the quick service restaurant (QSR) industry, and FountainVest Partners (FountainVest), a Leading independent private equity firm with offices in Beijing, Shanghai and Hong Kong today announced plans to open 600 DQ restaurants in China by 2030. The franchise development agreement, led by the franchise acquired by FountainVest, CFB Group, expands its stronghold in China. FountainVest and CFB Group will begin expansion by opening 100 DQ restaurants in 2022.
“China remains an important growth market for us, and this expansion with FountainVest provides us with the opportunity to expand our footprint in one of the fastest growing countries for QSR,” said Jean Champagne, Director of operations, international, at International Dairy Queen. “The continued success of our investment in China, which includes several food and candy offerings unique to China, shows the strength of the DQ brand to fans across the country.”
Founded in 2007, FountainVest focuses on long-term investments in industry leaders with a track record of high growth in consumer and financial categories across Asia. FountainVest recently acquired CFB Group, a group of franchise owners in mainland China with over 900 DQ restaurants.
“The frozen confectionery market is booming in China and we expect the industry to continue a rapid growth trajectory over the next ten years,” said Andrew Huang, Managing Director of FountainVest Partners. “FountainVest is committed to fully supporting the growth of the CFB Group both for its existing DQ restaurants and to opening 600 new DQ restaurants by 2030.”
CFB Group has worked with IDQ to develop and launch products unique to the Chinese market, including hard ice creams, specialty novelties, light meals and artfully crafted DQ cakes. In a relationship spanning more than 20 years, CFB Group has surpassed the Chinese industry average for frozen treats, making the DQ brand one of the most successful QSR brands in China.
“We have seen immense success from DQ Restaurants in China, and through our strength in digitalized operations, social media management and sub-franchise expansion, we see endless growth opportunities for this beloved brand. .” said Alan Hsu, CEO of CFB Group. “With IDQ’s continued support for innovation and product development, we will further expand our fan base and open new DQ restaurants in 2022 and beyond. We have great confidence in the DQ brand.
China is the fastest growing market for the DQ brand and is among the top three in terms of size alongside the United States and Canada. There are currently more than 1,100 DQ restaurants in China.
About International Dairy Queen, Inc.
International Dairy Queen, Inc., based in Minneapolis, Minnesota, is the parent company of American Dairy Queen Corporation and Dairy Queen Canada, Inc. Through its subsidiaries, IDQ develops, licenses and maintains a more than 7,000 restaurants in the United States. , Canada and more than 20 other countries. IDQ is a subsidiary of Berkshire Hathaway, Inc. (Berkshire), which is led by Warren Buffett, the legendary investor and CEO of Berkshire. For more information, visit DairyQueen.com.
About FountainVest Partners
FountainVest is a private equity investor backed by global institutional investors and is based in Hong Kong. FountainVest focuses on long-term investments and targets industry leaders in the Industrials, Consumer & Retail, Media & Entertainment, and Healthcare sectors. FountainVest works closely with management teams to create value in the areas of strategy, operations, finance, industry consolidation and governance. Additional information is available online at www.fountainvest.com.