Private equity investor Allegro Funds has sold Pizza Hut Australia to US’s largest franchise owner Flynn Restaurant Group.
Private equity investor Allegro Funds has sold Pizza Hut Australia to US’s largest franchise owner Flynn Restaurant Group,Flynn owns Taco Bell, Panera, Arby’s Wendy’s and Pizza Hut franchises across the US and rings in $US4.2 billion in sales annually. Its acquisition price for Pizza Hut Australia wasn’t disclosed. It is Flynn’s first play out of the US.
Allegro is bidding farewell to the chain after seven years. It teamed up with a local management team to acquire the master franchisee licence for Pizza Hut in Australia from US’s Yum! Brands in 2016. It has about 260 stores and a roughly 10 per cent market share. Revenues have grown from $190 million in 2020, $245 million in 2021 to about $270 million now. It had a $15 million EBITDA, when it was put up for sale last year.
has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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