US-based private equity firm Triton Pacific’s affiliate company has closed the purchase of 117 Pizza Hut restaurants.
The $80m acquisition includes 114 operating restaurants and three units under development. The deal also includes certain strategic real estate assets.
Through this acquisition, Triton Pacific will be able to establish a strategic relationship with Yum! Brands, the parent organisation of Pizza Hut, KFC, Taco Bell.
Triton Pacific chief executive officer Craig Faggen said: “This is a significant acquisition that expands and diversifies Triton Pacific’s quick-service restaurant holdings both geographically and by brand.
“We had previously entered the QSR space with a platform acquisition of 64 Burger King locations in 2018 and believe this Pizza Hut acquisition strategically complements our existing portfolio while providing the opportunity for continued expansion as we establish stronger ties with major brands throughout the industry.”
The 117 Pizza Hut restaurants are located across Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia in the US.
Last year, Triton Pacific acquire 64 Burger King locations.
Faggen added: “Quick service restaurants are among the nation’s most popular retail destinations with an annual spend of more than $250bn per year and can provide both strong cash flow and growth potential to sophisticated asset managers and their investors.
“This acquisition cements Triton Pacific’s place as one of the leading private equity firms in the QSR industry and positions us for further expansion in the space.”