Pizza Belgium

Exit deal

Buy Out Fund has completed its first divestment, selling its stake in Pizza Belgium to KBC Investco and the company's management. The exit was announced on 1 March 2005. The value of the deal and returns made on the original investment have not been disclosed. Patrick Verjans and Geert Vanderstappen managed the exit. No external advisors were used.

Pizza Belgium has 47 Pizza Hut outlets, including 28 restaurants, eight take-out outlets and 11 delivery shops.

Previous funding

Buy Out Fund acquired Pizza Belgium in January 2001 off Yum! Restaurants, owner of Pizza Hut, Kentucky Fried Chicken and Taco Bell. It was joined by the management, Stef Meulemans, which took a 2.2% stake, leaving Buy Out Fund with the balance of 97.8%. Again, financial details of the deal were not disclosed. Debt for the buyout was provided by ING Bank.

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