An affiliate of Triton Pacific, a Los Angeles-based private equity firm, has purchased 117 Pizza Hut restaurants, along with select real estate assets, for a combined $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.
“We had previously entered the [quick service restaurant] 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,” said Craig Faggen, Triton Pacific’s chief executive officer.
Triton noted that the acquisition establishes a relationship between Triton Pacific and Yum! Brands, a 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.”
Founded in 2001, Triton Pacific has sponsored more than 50 private equity partnerships totaling $1 billion in assets and offerings.