PE OWNED · ON WATCH
Pizza Hut
Includes The Hut, Pizza Hut US
pizza · Plano, TX
- PE Firm
- LongRange Capital →
- Year Acquired
- 2026
The private equity firm that owns a casket maker and 24 Hour Fitness just bought Pizza Hut. It's their first restaurant chain.
Too Soon to Tell
- Yum! is selling Pizza Hut in a roughly $2.7 billion deal split between two buyers: LongRange Capital takes the business outside Mainland China for about $1.5 billion (plus up to $75 million more by 2030 if it hits targets), and Yum China takes the Mainland China operations for about $1.2 billion. The sale is expected to close in the third quarter of 2026
- LongRange Capital is a private equity firm founded in 2019; its holdings include 24 Hour Fitness (which it bought in January 2026) and casket-maker Batesville. It previously held a stake in UK food maker Bakkavor before Greencore bought the company out in January 2026. Pizza Hut is its first restaurant chain
- It's the first time since 1977 that Pizza Hut hasn't been owned by either PepsiCo or its spinoff, Yum! Brands
- Yum's CEO said the brand will need fresh investment to turn around, and signaled the company may take back ownership of some stores from franchisees
Early Signs
- Taco Bell, run by the same parent company, kept growing through 2025 while Pizza Hut shrank — Yum! couldn't turn the brand around, so it's selling it
- Pizza Hut closed nearly 400 U.S. locations in 2025, with about 250 more planned for early 2026 — so your nearest one may already be gone
- It's been losing the pizza war to Domino's for years; customers steadily ordered elsewhere as Domino's pulled well ahead of Pizza Hut's share of the market
- There's no documented harm from LongRange yet — but Pizza Hut's U.S. restaurants are now owned by a private equity firm, the same one that owns 24 Hour Fitness, which is why this entry is one to watch
Sources
- Yum! Brands Enters into Agreements to Sell Pizza Hut for $2.7 Billion — Yum! Brands Investor Relations(2026-06-16)
- Pizza Hut to be sold to LongRange Capital — Nation's Restaurant News(2026-06-16)
- Pizza Hut closed nearly 400 U.S. units in 2025 — Nation's Restaurant News(2026-02-01)
- Yum Brands sells Pizza Hut for $2.7 billion — Restaurant Dive(2026-06-16)