Pizza Hut, the struggling restaurant chain, is being sold to LongRange Capital for $1.5 billion. Yum China Holdings Inc. will purchase the mainland China business for $1.2 billion. The sales are expected to close in the third quarter.
Pizza Hut was founded in 1958 in Wichita, Kansas. The chain has struggled with outdated stores and growing competition. Yum Brands, the parent company of Pizza Hut, began a strategic review to explore options for the chain in November.
LongRange Capital, a private equity firm, will bring deep expertise in the restaurant industry to Pizza Hut, according to Yum Brands CEO Chris Turner. The sales are expected to position Pizza Hut for future growth.
Original reporting: KCCI Des Moines — read the source article.
