Rutland divests Pizza Hut in management buy-back

Financial details of the transaction remain undisclosed, though Rutland said the deal represented an "extremely successful" investment for Rutland Fund II.

Rutland will retain a minority stake in the business following the deal.

Under the GP's tenure, Pizza Hut invested £60m in renovating its restaurants, expanded its menu, and improved staff training. It saw its EBITDA increase by £17m by the time of the divestment, according to a statement.

The sale comes amid a wider downturn in the UK casual dining space, recently explored by Unquote.

Last year, Rutland managing partner Nick Morrill and partner David Wardrop spoke to Unquote about Pizza Hut after winning an award for the investment at the Unquote British Private Equity Awards.

Debt
Pricoa Capital Group provided a debt package to support the transaction.

Previous funding
Rutland acquired the UK restaurants business of Pizza Hut from parent company Yum! Brands in November 2012, making a £20m equity injection into the firm.

Company
Founded in 1973 and headquartered in Borehamwood, near London, Pizza Hut currently comprises 260 restaurants across England, Scotland and Wales.

People
Rutland Partners – Nick Morrill (managing partner); Tristan Craddock (partner); Jason Birt (investment manager).
Pizza Hut Restaurants UK – Jens Hofma (CEO).

Advisers
Equity – PwC, Rick Jones, Matt Watmore (corporate finance); Taylor Wessing, Emma Danks, Martin Yells, Johnny Bethell (legal).
Management – Clearwater International, Gareth Iley, Helen Lowe, Lachlan Dorrity (corporate finance); Cooleys, Stephen Rosen, John Clark (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Rutland Partners
• Management buy-back
• Taylor Wessing
• Clearwater
• PwC