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LOS ANGELES—Locally-based private equity firm Triton Pacific has closed on the acquisition of 117 Pizza Hut restaurants via one of its affiliated companies. The properties traded for $80 million. The acquisition includes 114 operating restaurants and three that are currently under development. The Pizza Hut restaurants are located throughout the states of Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Virginia and West Virginia.

"This is a significant acquisition that expands and diversifies Triton Pacific's quick service restaurant holdings both geographically and by brand," said Triton Pacific CEO Craig Faggen in prepared remarks. Triton Pacific had previously entered the QSR space with a platform acquisition of 64 Burger King locations in 2018, Faggen continued, and also said that this Pizza Hut acquisition complements its existing portfolio "while providing the opportunity for continued expansion as we establish stronger ties with major brands throughout the industry."

The acquisition establishes a strategic relationship between Triton Pacific and Yum! Brands, which has business control of Pizza Hut, Taco Bell, and KFC. It also builds upon an existing relationship with Restaurant Brands International, which controls the Burger King, Tim Hortons and Popeyes brands.