Pizza Hut has been sold. In June 2026, Yum! Brands agreed to hand off the pizza chain in two separate deals worth a combined $2.7 billion, ending nearly five decades under the same corporate roof. The rest of the world went to a private equity firm, and China stayed closer to home.
If you searched “who owns Pizza Hut” or “Pizza Hut sold to whom,” here is the short version before the detail.
Who was Pizza Hut sold to?
Yum! Brands split Pizza Hut between two buyers on June 16, 2026:
- LongRange Capital, a US private equity firm, is buying Pizza Hut everywhere except mainland China for about $1.5 billion, plus a possible $75 million earn-out by 2030.
- Yum China Holdings is buying the Pizza Hut brand inside mainland China for $1.2 billion in cash.
Together the two agreements come to $2.7 billion, according to Yum!’s official announcement. Both are expected to close in the third quarter of 2026, once regulators sign off. Until then, Yum! still runs the brand, and nothing changes on the menu board.
Who is LongRange Capital, the new Pizza Hut owner?
LongRange Capital is a private equity firm founded in 2019 by Bob Berlin, who spent roughly a decade at the Baupost Group before striking out on his own. The firm is backed by CalPERS, the California public pension giant, and already owns brands including 24 Hour Fitness.
Berlin is not new to restaurants. At Baupost he oversaw the investment in Arby’s, the chain that later rolled up other names to become Inspire Brands, now reportedly eyeing a $20 billion IPO. That turnaround record is a big part of why he is willing to bet on Pizza Hut.
Once the deal closes, LongRange will control more than 15,500 Pizza Hut restaurants across 108 countries, generating roughly $10 billion in annual system-wide sales.
Why did Yum Brands sell Pizza Hut?
Pizza Hut had become the weak link in Yum’s portfolio. While KFC and Taco Bell posted steady growth, Pizza Hut struggled with soft dine-in traffic and a shrinking store base in several mature markets, including a rough year in the United Kingdom.
In the United States, the chain leaned hard on delivery and value bundles but kept ceding ground to Domino’s and a crowd of cheaper delivery apps. Yum opened a strategic review of the brand in November 2025 and concluded that a sale was the cleanest way to lift shareholder value.
CEO Chris Turner framed it as a focus play, saying the deals “enable Yum! to be a more focused company” that can pour its energy into Taco Bell and KFC. He points to “incredible whitespace” for both brands and argues the move will “accelerate growth in a huge way.”
What happens to Pizza Hut in China?
China is the one market where Pizza Hut is clearly thriving, so Yum China wanted to own the brand outright rather than keep licensing it. Pizza Hut is the largest casual dining chain in the country, with 4,375 restaurants and a plan to top 6,000 by 2028.
The numbers explain the confidence. Pizza Hut China booked $2.3 billion in segment revenue in 2025 and logged its 13th straight quarter of same-store transaction growth in early 2026. Owning the brand also wipes out roughly $62 million a year in license fees that used to flow back to Yum!.
What the sale means for customers and franchisees
For most diners, the day-to-day experience will not change overnight. The bigger shifts sit behind the counter:
- Same name, new landlord. The Pizza Hut brand, menu and franchise agreements carry over to LongRange and Yum China.
- Fresh investment. Private equity owners typically push remodels, marketing and sharper value deals to revive traffic.
- Franchisee stability. Existing operators keep their agreements, and China franchisees gain a local owner with room to expand.
- A leaner Yum!. The parent company now leans fully on KFC and Taco Bell.
The UK stands as the cautionary tale. Its dine-in operator, Heart with Smart, was sold to investment firm Directional Capital in January 2025, only for the restaurant arm to collapse into administration that October. About 68 restaurants closed and more than 1,200 jobs were put at risk before a rescue deal saved dozens of sites and much of the workforce.
FAQ
Who owns Pizza Hut now?
Under the June 2026 agreements, Pizza Hut outside mainland China is being bought by private equity firm LongRange Capital, and Pizza Hut inside mainland China is being bought by Yum China Holdings. The deals are set to close in the third quarter of 2026.
How much did Pizza Hut sell for?
The combined price is $2.7 billion: about $1.5 billion for the international business bought by LongRange Capital, plus a possible $75 million earn-out, and $1.2 billion for the mainland China brand bought by Yum China.
Does Yum Brands still own Pizza Hut?
Yum! Brands owned Pizza Hut for nearly 50 years but agreed to sell it in June 2026. Once the deals close, Yum! will concentrate on its two remaining brands, KFC and Taco Bell.
Will Pizza Hut change after the sale?
The name, menu and locations stay the same in the near term. Over time, expect the new owners to invest in remodels, technology and value promotions as they work to win back dine-in customers and steady the international business.
Pizza Hut is not disappearing. It is simply changing hands, and the people betting billions on it are wagering that the brand’s best turnaround is still ahead of it.