Triton Pacific, a Los Angeles-based private equity firm, announced today that one of its affiliated companies has completed the acquisition of 117 Pizza Hut restaurants along with select strategic real estate assets for an aggregate acquisition cost of approximately $80 million.
The acquisition includes 114 operating restaurants and three that are currently under development. The Pizza Hut restaurants are located throughout the states of Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Virginia and West Virginia.
“This is a significant acquisition that expands and diversifies Triton Pacific’s quick service restaurant holdings both geographically and by brand,” said Triton Pacific Chief Executive Officer Craig Faggen. “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 acquisition establishes a strategic relationship between Triton Pacific and Yum! Brands, the nation’s leading QSR franchisor with business control of Pizza Hut, Taco Bell, and KFC, and builds upon their existing relationship with Restaurant Brands International, which controls the Burger King, Tim Hortons and Popeyes brands.
Faggen added, “Quick service restaurants are among the nation’s most popular retail destinations with an annual spend of more than $250 billion 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.”