Jul 01, 2022, 13:07 ET
LOS ANGELES, July 1, 2022 /PRNewswire/ -- Tasty Brands, LP ("Tasty"), an affiliate of Triton Pacific, announced today that its portfolio company, Tasty Hut, LLC, recently completed the acquisition of 27 franchised Pizza Hut restaurants, located across four states in the Appalachian region of the U.S. The aggregate purchase price for the restaurants was $8.7 million, plus transaction costs and expenses. The transaction closed on June 15.
This acquisition serves as an add-on investment with Tasty Hut, LLC and includes seventeen locations in West Virginia; five locations in Kentucky; four Ohio locations; and one Virginia location. The expansion strategically aligns with Tasty Hut's investment and growth strategies and further validates its ability to expand its base of operations into core markets.
"We are very excited to have the opportunity to expand our footprint in this part of the country," said Craig Faggen, Triton Pacific's CEO. "Pizza Hut is a proven leader in the quick service restaurant space and was very supportive of the transaction. Given Tasty Hut's track record of success in West Virgina and the broader Appalachian region, coupled with positive trends in this base of store's historical financial performance, we believe that there is very meaningful opportunity for growth and profitability through ROI-driven asset actions and new store development."
With this acquisition, Tasty Hut, LLC now includes 221 Pizza Hut restaurants across 11 states. In addition to Tasty Hut, LLC, Tasty also includes the portfolio company and Burger King franchisee, Tasty King, LLC. Tasty owns 68 Burger King restaurants in addition to its Pizza Hut locations.
About Tasty Brands, LP
Tasty Brands, LP is a limited partnership established by Triton Pacific exclusively focused on investments in chain restaurant franchisees in North America. Tasty Brands, LP operates 289 restaurants in 14 states and currently employs more than 2,000 people.
About Triton Pacific
Triton Pacific, founded in 2001, is a private equity firm offering income and growth investment programs for both institutional and high net worth investors. The firm focuses on investing in established small and mid-size companies across multiple sectors that exhibit attractive fundamentals, including quick service restaurants.
Some of the statements in this press release may contain forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, consumer preferences for the chain restaurant industry generally and our portfolio company brands specifically, unusual catastrophic loss events such as the current COVID-19 coronavirus pandemic and related government, private sector, and individual consumer responsive actions, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Tasty does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and Tasty undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contact: Damon Elder
Spotlight Marketing Communications
SOURCE Triton Pacific
Share this article