In a strategic move, Flynn Restaurant Group LP has successfully secured the acquisition of Pizza Hut Australia, encompassing the purchase of approximately 260 Pizza Hut restaurants spread across the country.
According to the report, specific details regarding the terms of the agreement were not disclosed.
Following the acquisition, Flynn Restaurant Group, known for its ownership of various eateries such as Applebee’s, Taco Bell, Panera Bread, Wendy’s, and Pizza Hut, will solidify its position with a staggering portfolio of over 2,600 quick-service, fast-casual, and casual dining restaurants. This extensive network is projected to generate a substantial revenue of $4.5 billion and provide employment opportunities to over 75,000 individuals.
Greg Flynn, Founder, Chairman and CEO of Flynn Restaurant Group, said, “This is an incredibly exciting moment for Flynn Restaurant Group. We spent our first 12 years growing in Applebee’s, and then the next 12 years diversifying as a domestic franchise operator. In this next chapter, we’re layering on international expansion, and the growth potential is essentially unlimited.”
With CEO Phil Reed at the helm, Pizza Hut Australia has achieved an exceptional milestone of 50 consecutive months of positive same-store sales growth. This remarkable accomplishment has not only propelled the company to record-breaking revenues but has also significantly increased its overall value in the market.
“Flynn Restaurant Group’s investment is a strong endorsement of our high-caliber team and the brand’s success, marking the beginning of an exciting new growth chapter for Pizza Hut in Australia,” added Reed said in the press release.
The acquisition process is anticipated to reach completion by the conclusion of June 2023.
“We are thrilled to see a highly valued, capable, and committed U.S. franchise partner, Flynn Restaurant Group, expanding their relationship with Pizza Hut through the acquisition of the Master Franchisee license in Australia,” pointed Aaron Powell, Pizza Hut Global CEO.