Yum Brands Sells Struggling U.S. Pizza Hut Business to LongRange Capital for $1.5 Billion

S. 5 billion on June 16, 2026. The transaction leaves Yum with its Taco Bell and KFC operations. Pizza Hut's China business is being sold separately to Yum's China unit.

Pizza Hut's share of limited-service pizza demand fell from 19% in 2019 to 15% as of June 2026, according to Technomic data. Domino's share reached 30% in the same period. Pizza Hut sales have stagnated for at least 20 years.

LongRange Capital owns 24 Hour Fitness and Batesville, which supplies coffins, urns, and death care products to funeral homes. Its portfolio also includes a ski resort group, a diamond materials firm, and a European food manufacturer. Founder and managing partner Bob Berlin previously invested in Arby's.

Managing director Sunny Patel previously worked at Kraft Heinz. LongRange did not respond to a request for comment. 2% on June 16. Steven Kaplan, a finance professor at the University of Chicago Booth School of Business, said Yum lacked the resources to fix the chain.

"Yum didn't know what to do with it and decided they can't fix it," Kaplan said. " Robert Byrne, Technomic's senior director for consumer research, said Pizza Hut receives limited credit for innovation or affordability. Diners now have more delivery options than when pizza was the primary choice, he said.

In 2024, 21 restaurant and bar chains filed for bankruptcy, and 10 of those were backed by private equity, according to PitchBook data. Kaplan said private equity firms typically aim to improve businesses for later sale or public listing rather than reduce operations.