A definitive agreement is a formal, legally binding document that outlines the final terms and conditions of a deal or transaction, such as a sale or partnership. It acts like a detailed contract that confirms all parties have agreed on the key details, making the deal official. For investors, it signals that the agreement is settled and moving toward completion, providing clarity and security about the transaction.
private equityfinancial
Private equity involves investing money directly into private companies or buying out public companies to make them private, with the goal of improving their performance and increasing their value over time. For investors, it offers an opportunity to earn returns by helping companies grow or restructure, often requiring a longer-term commitment and a higher level of involvement than typical stock investments.
system-wide salesfinancial
Total revenue generated by every outlet in a company’s network, including both company-owned and franchised locations, measured over a given period. Investors watch system-wide sales as a broad indicator of brand demand and growth—like checking the overall temperature of a chain rather than one store—because rising totals suggest the business model and customer base are expanding even if ownership mixes vary.
regulatory approvalsregulatory
Regulatory approvals are official permissions from government agencies that a company needs before launching a new product, service, or business activity. They matter because without this approval, the company might not be allowed to operate legally or sell its products, similar to how a driver needs a license to legally drive a car.
franchise partnersfinancial
Franchise partners are independent business owners or operators who run outlets or services under a company's brand and proven business model, paying fees or sharing revenue in return for the brand, training and ongoing support. For investors, they matter because they let a company grow its footprint and sales with less capital and operating risk—like a hotel chain expanding by leasing rooms to local managers rather than owning every property—impacting revenue stability, margins and expansion speed.
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STAMFORD, Conn.--(BUSINESS WIRE)--
LongRange Capital (“LongRange”), a private equity firm with a customer-centric and operationally-oriented approach to building and growing businesses, announced that it has entered into a definitive agreement to acquire Pizza Hut, excluding Mainland China, from Yum! Brands, Inc. (NYSE: YUM) (“Yum!”).
Founded in 1958, Pizza Hut is a global restaurant leader with over 15,500 restaurants in 108 countries and approximately $10 billion in annual system-wide sales. For nearly seven decades, the Pizza Hut brand has defined the pizza category, introducing icons such as the Original Pan® and Original Stuffed Crust® pizzas.
“Pizza Hut is a beloved global brand with a rich heritage and a loyal customer base that few brands can match,” said Bob Berlin, Founder and Managing Partner of LongRange. “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 transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including receipt of required regulatory approvals.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel and Greenberg Traurig, LLP acted as franchise counsel to LongRange. UBS Investment Bank is providing financing for the transaction.
About LongRange Capital
LongRange Capital is a private equity firm formed to apply a longer-term perspective to investments and employ a company-focused, customer-first philosophy to building better businesses. We seek to create value by partnering with our portfolio companies and their management teams to ensure that the strategy, resources, capital, execution, and incentives are aligned to achieve our collective goals. The LongRange team has a successful track record of investing in and growing businesses across a range of industries, including consumer goods and services, data & technology, and value-added industrials, among other segments. LongRange is currently investing a highly flexible, committed capital pool backed by long-term institutional holders. For more information, please visit www.longrangecapital.com.
