2026年初春，中国私募股权市场一则传闻引发业界广泛关注：知名机构方源资本（FountainVest Partners）正考虑出售其持有的CFB集团（CFB Group）。这家在大中华区运营着超过1800家门店、手握 冰雪皇后（Dairy Queen）与棒约翰（Papa John's）两大国际品牌特许经营权的餐饮平台，估值预计达到 5亿美元（约合人民币34.5亿元）。 这并非一起孤立的资本事件。就在不久前，星巴克中国业务引入博裕资本，汉堡王中国控股权转手CPE 源峰。国际餐饮连锁品牌在中国市场的股权结构密集调整，折射出一个新时代的到来：当增量红利消 退、存量竞争沦为"地狱模式"，即便是拥有巴菲特光环的DQ或曾是白宫特供的棒约翰，也需要重新寻 找其在中国的生存逻辑。 方源资本的进退逻辑：从"接盘侠"到"套现者"的四年之约 方源资本的投资风格向来以"精准捕手"著称。这家由淡马锡旧部掌舵的机构，在消费赛道有着极深的布 局，从联合安踏收购亚玛芬体育并推动其上市，到近期收购调味品头部企业吉香居92%股权，其核心策 略始终围绕"行业龙头+资源赋能"。四年前入主CFB，正是看中了其作为全球最大DQ特许经营商以及棒 约翰美国 ...

Group 1 - FountainVest Partners is considering the sale of its Chinese franchise operator CFB Group, which operates Papa John's and Dairy Queen brands in Greater China, marking a trend of international restaurant brands reassessing their operations in China [1][2] - The potential valuation for CFB Group is approximately $500 million, with discussions still in preliminary stages and a formal sale process expected to start later this year [1][2] - CFB Group operates over 1,800 stores in Greater China and employs nearly 10,000 full-time and part-time staff, with Dairy Queen being owned by Berkshire Hathaway [2] Group 2 - FountainVest, established in 2008, focuses on investments in consumer, industrial, business services, and healthcare sectors, having supported various companies including Amer Sports Inc. and Ziwi [3] - The company acquired a majority stake in CFB Group from EQT AB in 2022, although the transaction amount was not disclosed [2][3] - Other global brands, such as Starbucks and Restaurant Brands International, are also reevaluating their Chinese operations, with Starbucks forming a joint venture with Boyu Capital and Restaurant Brands selling control of Burger King China [2]