Texas-based Pizza Hut, whose sales have floundered for several years, is set to be acquired by private equity firm LongRange Capital in a $2.7 billion deal.

LongRage said Tuesday, June 16 that it agreed to buy Pizza Hut’s global business, except for the chain’s operations in China, from restaurant conglomerate Yum Brands for about $1.5 billion. Restaurant group Yum China Holdings, which has a corporate office in Plano, is purchasing Pizza Hut’s Chinese business for about $1.2 billion.

The deals are expected to close in the third quarter of this year.

This will mark the first time since 1977 that Pizza Hut hasn’t been owned by either PepsiCo or Yum and its predecessor, Tricon Global Restaurants.

“Despite efforts to revitalize the brand and shut underperforming locations, it has become increasingly clear that pushing the [Pizza Hut] division back into growth will require a level of investment and patience that Yum is just not prepared to commit to,” Neal Saunders, managing director and retail analyst at data analytics and consulting company GlobalData, wrote.

The deals follow a sweeping review, launched in November, of the troubled Pizza Hut brand. Pizza Hut was founded in 1958 in Wichita, Kansas.

There are almost 20,000 Pizza Huts in more than 100 countries, including nearly 1,000 locations in Texas.

In February, Yum said it was shutting down an estimated 250 Pizza Hut restaurants as the chain continued to post weak sales and profit. In 2025, Pizza Hut generated global sales of $12.8 billion, including $5.6 billion in the U.S. That compares with $13.1 billion in global sales and $6 billion in U.S. sales the previous year.

“Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry,” Yum CEO Chris Turner says in a press release. “Pizza Hut is one of the most iconic restaurant brands in the world, and we are proud of the important role it has played in Yum’s history.”

Among the brands in LongRange’s portfolio are 24 Hour Fitness; casket manufacturer Batesville; and Greencore Group, which makes food items such as sandwiches, salads, prepared meals, desserts and pizzas.

Aside from Pizza Hut, brands under the Yum umbrella include KFC and Taco Bell. Yum and its franchisees operate more than 63,000 restaurants in 155 countries.

More pizza deals
Pizza Hut isn’t the only locally based pizza chain with new ownership. In January, OneRyan Global said it acquired a majority stake in Fort Worth-based Mr. Gatti’s Pizza for an undisclosed amount. OneRyan, which has been a Gatti’s franchisee, is the investment vehicle for Brint Ryan, chairman and CEO of the Plano-based Ryan tax consulting firm.

Gatti’s was founded in Stephenville in 1964 and relocated its headquarters to Austin in 1969. Today, the chain has more than 230 open or planned locations in Texas and the Southeast.

In February, Gatti’s said it was targeting the Houston area as part of the chain’s expansion plans. “Houston is a strategic market for sustainable growth and wide-open franchise opportunities,” said Scott McIntosh, vice president of franchise development at Gatti’s.