Struggling Pizza Chain With Many Pittsburgh Locations Sold

PITTSBURGH, PA — A struggling pizza chain with a prominent Pittsburgh presence that recently announced it would close 250 locations nationwide has been sold to a private equity firm.

Yum Brands is selling Pizza Hut to LongRange Capital in a $2.7 billion deal.

“Pizza Hut is a beloved global brand with a rich heritage and a loyal customer base that few brands can match,” Bob Berlin, LongRange founder and managing partner, said in a statement.

“We look forward to partnering with Yum to ensure a smooth transition for the business and working with Pizza Hut’s talented team and franchise partners to drive its next phase of growth through investments that deliver consistently great food and experiences for customers around the world.”

The statement did not detail if the firm's plans involve closing additional Pizza Hut locations. In fact, the company did not disclose any of its plans for the company moving forward.

LongRange has majority or minority holdings in 24-Hour Fitness, a workout location; Alpin Unlimited^{, which} was created to form long-term partnerships with ski resorts across Europe; Bakkavor, which in Europe annually delivers approximately: 1 billion sandwiches, salads, sushi and other food-to-go items, 400 million chilled prepared meals, 260 million desserts and 125 million pizzas; death care industry member Batesville; and US Synthetic, which manufactures material for the energy, mining, and industrial end-markets.

Founded in 1958, Pizza Hut has more than 15,000 locations in more than 108 countries.

The sale apparently signals the end of what Yum Chief Financial Officer Ranjity Roy in February labeled a "Hut Forward" strategy designed to include "vibrant marketing, modernization of technology and franchise agreements."

Yum also owns the KFC and Taco Bell chains.

According to the Pizza Hut website, the chain has more than 150 locations in Pennsylvania, including many in Pittsburgh and its surrounding communities.