Tasty Brands LP, an affiliate of private equity firm Triton Pacific, reported that its portfolio company, Tasty Hut LLC, recently purchased 27 franchised Pizza Hut restaurants that are located across four states in the Appalachian region of the U.S. The total purchase price was $8.7 million, plus transaction costs and expenses.
This acquisition serves as an add-on investment with Tasty Hut and includes 17 locations in West Virginia; five in Kentucky; four in Ohio; and one in Virginia. The company said that the expansion “aligns with Tasty Hut’s investment and growth strategies and further validates its ability to expand its base of operations into core markets.”
“We are very excited to have the opportunity to expand our footprint in this part of the country,” said Craig Faggen, Triton Pacific’s chief executive officer. “Pizza Hut is a proven leader in the quick service restaurant space and was very supportive of the transaction. Given Tasty Hut’s track record of success in West Virgina and the broader Appalachian region, coupled with positive trends in this base of store’s historical financial performance, we believe that there is very meaningful opportunity for growth and profitability through ROI-driven asset actions and new store development.”
With this acquisition, Tasty Hut now includes 221 Pizza Hut restaurants across 11 states. In addition to Tasty Hut, Tasty Brands also includes the portfolio company and Burger King franchisee, Tasty King. Tasty Brands owns 68 Burger King restaurants in addition to its Pizza Hut locations.
Tasty Brands is a limited partnership established by Triton Pacific focused on investments in chain restaurant franchisees in North America. The company operates 289 restaurants in 14 states and currently employs more than 2,000 people.
Triton Pacific, founded in 2001, is a private equity firm offering income and growth investment programs for both institutional and high net worth investors. The firm focuses on investing in established small and mid-size companies across multiple sectors that it believes exhibits attractive fundamentals, including quick service restaurants.
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