Yum is in exclusive talks to sell Pizza Hut to LongRange

Published Sat, May 30, 2026 · 09:39 AM

[NEW YORK] Yum! Brands is in exclusive talks to sell its Pizza Hut chain to LongRange Capital, according to people familiar with the matter. 

LongRange entered exclusivity with Yum in recent days, beating out bidders including Sycamore Partners, one of the people said. 

The two parties are advancing in discussions about a potential deal that could come together in several weeks, said the people, who asked not to be identified discussing private information. There’s no guarantee a deal will be reached, they added.

Representatives for Yum, LongRange and Sycamore declined to comment.

Yum said last year that it was conducting a strategic review of Pizza Hut after years of trying to revive the restaurant chain, whose sales have been stagnant.

Pizza Hut’s share of Yum’s revenue has declined every year since 2019, shrinking to about 12 per cent in 2025 from more than 18 per cent six years earlier, according to data compiled by Bloomberg. During that period, Pizza Hut’s sales have hovered just above US$1 billion, while Yum’s revenue grew by about 47 per cent to US$8.2 billion last year.

Shares of Yum have slipped 2.2 per cent this year, giving the Louisville, Kentucky-based company whose restaurant chains include KFC and Taco Bell a market value of about US$41 billion.

LongRange, a private equity firm, was founded in 2019. Its founder, Bob Berlin, has experience in the restaurant sector, having led an investment in Arby’s, when he worked at The Baupost Group.

It owns 24 Hour Fitness as well as a ski resort company called Alpin Unlimited that’s an investor in the KitzSki ski area in Kitzbuhel, Austria. 

Pizza Hut had drawn interest from suitors including Sycamore, Apollo Global Management and LongRange, Reuters reported last month. BLOOMBERG