Three former McDonald's executives and a Sydney equity firm have taken control of Pizza Hut in Australia.
Equity firm Allegro and former McDonald's executives Peter Rodwell, Lisa Ransom and Chris Leslie have bought the master franchisee licence for Pizza Hut in Australia from US parent company Yum! Brands.
Allegro has declined to comment on how much the deal was worth or on the state of Pizza Hut's financials.
There has been speculation that Allegro is also interested in Eagle Boys which was put up for sale after going into voluntary administration in July.
"Our immediate focus will be strengthening the network of Pizza Hut stores across Australia through increased investment, resources and management focus," Allegro founding partner Chester Moynihan said in a statement on Tuesday.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
The McDonald's executives will take on leadership roles at Pizza Hut and plan to meet with franchisees soon.
Pizza Hut was previously embroiled in a legal dispute with franchisees who accused the organisation of forcing them to slash prices to compete with Domino's, allegedly sending some out of business. Pizza Hut won the case in February.
