Mon, 23 Apr 2018 | MBO/MBI
A management buyout of the Pizza Hut restaurant chain has been completed in a deal thought to be worth as much as GBP100m.
The deal involved backing by PGIM’s capital investment business Pricoa Capital Group.
CEO Jens Hofma, who joined Pizza Hut restaurants in 2009, will now take control of the firm alongside the rest of the management team, following the MBO. He stated: “As we take control of the next stage, our mission remains unchanged: to be the most loved place to eat and work.”
Previous owners, Rutland Partners, bought the chain in 2012 and turned the business around thanks to a GBP60m investment. Following the investment, the chain has reported “consistent sales growth” and now claims it is the top casual dining chain in the UK based on footfall.
Rutland Partners welcomed the takeover, stating: "Post-completion of the sale, Pizza Hut Restaurants will be owned and run by its current management team with financial support from Pricoa Capital Group. As part of the financing, management will become majority shareholders and Rutland will retain an investment."
Hofma added: "Five years ago, we began an incredible journey and we’re now experiencing the true extent of the positive impact Rutland’s Partners’ investment and guidance has made to the business. Our focus has been on our three most important assets: our people, our Huts and our menu. Our investment and strategy in those areas has helped us to revitalise our estate and cement our status in the UK’s fast-casual dining market.”
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