Swedish private equity firm EQT Partners on Monday said it had bought a majority stake in Chinese franchise operator China F&B Group for an undisclosed sum. In a statement released to Reuters, EQT said that it had invested in China F&B Group together with German investment firm SEB Private Equity and Hong Kong based General Oriental Investments.

Under the deal, the EQT-led consortium will support China F&B Group's continued growth and further acceleration of store network expansion plans. The group will also help in the franchise operator's development of its store offering to customers, the statement said. EQT clarified that China F&B Group founder Ll Ping will retain his shares in the company and will continue to act as its chairman.

China F&B Group operates two renowned international restaurant chains. It controls China Dairy Queen, the largest ice cream restaurant chain in China. China F&B also runs Papa John's Pizza, the second largest pizzeria chain in the country, the statement said.

According to EQT, China F&B is the largest franchisee of both Dairy Queen and Papa John's Pizza outside the United States. It has over 500 restaurants and around 7,000 employees.