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ICR Inc. works for LongRange Capital as the Stamford private equity firm acquires Pizza Hut from Yum Brands for $1.5B.
The transaction excludes Mainland China outlets, which are being bought by Yum China Holdings for $1.2B.
Inflation and rising commodity costs have hurt the domestic pizza sector.
Pizza Hut registered a one percent growth in Q1 revenues to $19.9B. Operating profit fell 14 percent to $64M. US outlets, which account for 40 percent of overall sales, posted a six percent revenue decline.
Founded in 1958, Pizza Hut has more than 15,500 restaurants in 108 countries.
“Pizza Hut is a beloved global brand with a rich heritage and a loyal customer base that few brands can match,” said Bob Berlin, LongRange founder and managing partner.
His firm is eager to partner with Pizza Hut’s team to “to drive its next phase of growth through investments that deliver consistently great food and experiences for customers around the world.”
The deal is expected to close in the third quarter.
ICR’s Brian Ruby handles LongRange Capital.
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