US restaurant franchise operator Flynn Restaurant Group has bought Pizza Hut Australia for an undisclosed sum from Sydney-based investment firm Allegro Funds.
The investment marks Flynn’s first international expansion beyond its US network of franchisee operations. The group currently operates more than 2350 restaurants across brands, including Applebee, Taco Bells, Wendy’s and Panera Bakery Cafes.
The acquisition is expected to be completed by the end of this month. The existing Australian management team led by CEO Phil Reed will continue to run the business.
“Our immediate focus will be to work with the team to determine how we can best leverage our broader scale and capabilities to support the continued success trajectory of Pizza Hut in Australia,” said Ron Bellamy, co-COO at Flynn Restaurant Group.
“Over time, Flynn looks forward to expanding its global reach further with new concepts and markets.”
Since acquiring the master franchise from Yum! Brands in 2016, Allegro has grown Pizza Hut Australia’s franchised store network to nearly 260. Bellamy said Pizza Hut Australia represents the ideal opportunity for Flynn to expand internationally. The US group also plans to expand its global reach further with new concepts and markets.
