CrossFirst Bankshares, Inc. (CFB) Group, controlled by private equity firm FountainVest Partners, has entered into an investment agreement with the founding company of the Meet Fresh brand, Leisure International Group. CFB Group has become the largest and controlling shareholder of Meet Fresh and will take over its operations and management.

CFB Group owns or manages the China operations of Dairy Queen and Papa John's, along with other餐饮 brands such as Brut Eatery and Jinyaju. The group currently operates 7 factories and 8 co-packing facilities, with approximately 1,850 stores. CFB Group stated that it plans to leverage synergies between Meet Fresh and Dairy Queen, its leading ice cream brand, to strengthen its position in the dessert category, deepen its portfolio in the "premium enjoyment" segment, and increase its market share.

CFB Group's CEO, Weilun Xu, remarked that the addition of Meet Fresh will immediately expand the group's footprint in the dessert market, bringing the total number of stores to around 2,500. He emphasized that the acquisition will create greater synergies across brands in areas such as consumer insights, raw material procurement, supply chain integration, digital systems, operational management, partnerships with agents and franchisees, and store expansion. This move is expected to sustain the strong growth performance achieved over the past five years.

The General Manager of Leisure International Group, Zhiwei Gu, commented, "Brand management is a relay race. The original management team will transition to new roles and fully support the new team to ensure the Meet Fresh brand continues to shine."

Public records show that FountainVest has been involved in several significant acquisitions in the consumer retail sector. In 2018, the firm, together with a consortium including Anta Sports and Tencent, acquired Amer Sports, the parent company of Arc'teryx, for €4.6 billion, with FountainVest holding a 21.4% stake. In 2022, FountainVest acquired CFB Group, which operates Dairy Queen and Papa John's in China. In January 2026, FountainVest, through a wholly-owned subsidiary, acquired a 92% equity stake in pickled vegetable company Jixiangju Food.

Meet Fresh, established in 2007, is a chain dessert specialty store that once operated more than 800 stores at its peak. However, beginning in 2019, the brand experienced several years of store closures. During the rise of freshly made tea beverage brands, traditional sweet soup and dessert shops, including Meet Fresh, Honeymoon Dessert, and Hui Lau Shan, saw a decline. Since last year, however, there has been a noticeable resurgence in traditional Chinese desserts. Established brands like Meet Fresh and Honeymoon Dessert have seen steady recovery in store numbers, while emerging brands such as Maiji Milk and Zhaoji Chuancheng are rapidly expanding. Haidilao opened its first specialty "sweet soup shop" themed store in Shanghai, and tea beverage chains like Guming and Cha Bai Dao have launched new sweet soup products.

With the backing of FountainVest's capital, the question remains whether Meet Fresh can fully overcome its past challenges, what synergies will emerge with Dairy Queen in the dessert sector, and how this will reshape the competitive landscape of the traditional Chinese dessert market.