Papa John's International Inc. /zigman2/quotes/207343722/composite PZZA +1.24% said early Friday that it has signed a franchisee development agreement with Asian private-equity firm Fountainvest Partners to open more than 1,350 locations in South China by 2040. This is the biggest franchisee deal in Papa John's history. Fountainvest has also purchased a majority stake in another Papa John's franchisee CFB Group, which owns and operates 160 restaurants in Shanghai and southern China. "Our new development agreement with FountainVest alone stands to grow Papa Johns current global unit count by 25%," said Papa John's chief Executive Rob Lynch in a statement. Papa John's stock has gained 34.4% over the past year outpacing the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.58% , which is up 23.5% for the period.