FountainVest Partners may formally put CFB Group up for sale in the second half of 2026 at the earliest, following the restaurant franchise operator’s recent acquisition of dessert chain Meet Fresh, according to two sources familiar with the matter.

The Hong Kong-based private equity firm is working with Jefferies as sellside advisor to explore a potential sale of the company, said the sources and another two sources familiar with the situation.

The sellside advisor has engaged in preliminary discussions with potential buyers including private equity firms, two of the sources added.

One of the sources said that the acquisition of Meet Fresh has made CFB a more attractive asset, enhancing its brand portfolio and scale.

Bloomberg reported in February, prior to the Meet Fresh acquisition, that a potential sale of CFB Group could value the business at around USD 500m. Sources did not provide an updated view on the potential deal size or valuation.

In April, CFB acquired a controlling stake in dessert chain Meet Fresh from Easy Way Group, the Taiwan based multi-brand food and beverage platform operator.

FountainVest acquired CFB from EQT in 2021 for an undisclosed value, according to a press release. EQT had acquired a majority stake in the franchise operator in 2013.

Founded in 2003, CFB now owns five brands: DQ, Meet Fresh, Papa John’s, Brut Eatery and Jin Ya Ju, according to its website. The company currently has more than 2,500 stores across Greater China with more than 10,000 full-time and part-time employees, and adopts digitalized operation management.

Jefferies declined to comment. FountainVest did not respond to requests for comment.