Pizza Belgium

22 March 2005

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InvestorsThe management of Pizza Belgium, together with KBC Investco, has closed a deal with the venture capitalist Buy Out Fund to take over the company. The management, chiefly general manager and co-founder Stef Meulemans, has retained a majority stake, KBC a minority stake. KBC Bank (acquisition finance Benelux team) financed the deal. No financial details were disclosed. The deal originated through KBC's own network of contacts, with the process starting in late-January / early-February 2005, completing quickly on 23 March 2005. KBC Investco foresees an exit in 6-7 years, with the management buying out the entire shareholding more likely than a secondary buyout.Buy Out Fund acquired Pizza Belgium in January 2001 from Yum! Restaurants International. Debt for the transaction was provided by ING Bank, but no financial details were disclosed. Buy Out Fund acquired a 97% shareholding, the management held the balance. Patrick Verjans and Geert Vanderstappen led the original buyout.

Company

Antwerp-headquartered Pizza Belgium has 47 Pizza Hut outlets, including 28 restaurants, eight take-away outlets and 11 delivery shops. With a staff of approximately 450, the company's last turnover registered E36m. Pizza Belgium was one of the largest European franchisees of Yum! Restaurants International, owner of Pizza Hut, Kentucky Fried Chicken and Taco Bell.

People

Floris Vansina and Filip Lesaffer worked on the deal for KBC Investco. Patrick Verjans and Geert Vanderstappen led the exit for Buy Out Fund. Patrick Couttenier and Lien Lairman structured the debt package for KBC Bank. Stef Meulemans is general manager of Pizza Belgium.