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.

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