Global private equity firm, Advent International (Advent), has acquired a 60% interest in China-based F&B restaurant group Wagas for an undisclosed sum.

Founded in 1999, the multi-brand restaurant group operates around 250 locations in the country across several F&B brands, including Wagas, Baker and Spice, Funk & Kale and Lokal brands. Under the agreement, Wagas’ founding shareholders will continue to manage the business on a day-to-day basis.

The partnership is expected to help Wagas further expand its footprint across China and boost investment in the brand, including its product offerings, menu innovations and operational infrastructure and systems.

In the past 30 years, Advent has completed 395 private equity investments across the retail, consumer and leisure sectors in 41 countries, including Lululemon, First Watch, The Coffee Bean & Tea Leaf, and Bojangles.