NPC International to Acquire, Sell Pizza Huts

NPC International Inc. will acquire 191 Pizza Hut restaurants from Pizza Hut Inc. for $52.9 million, and will sell 70 additional units to Pizza Hut for $19.6 million.When all is said and done, NPC will increase its net holdings of Pizza Hut restaurants by 12 percent, to a total of more than 1,100 locations. NPC is the world’s largest Pizza Hut franchisee.”This unique transaction demonstrates the strength and depth of our relationship with PHI as well as both parties’ ability and willingness to work with each other, noted NPC chairman & CEO Jim Schwartz, in a release. “We are strong believers in the Pizza Hut brand and believe that now is an excellent time to increase our investment in the brand.”Of the units being acquired by Overland Park, Kan.-based NPC, 82 are located around Tampa, Florida, and 52 are near Kansas City. The additional units are in Cedar Rapids, Iowa, and Atlanta. The units being sold to Pizza Hut Inc. are in Jackson, Miss.; Spokane, Wash.; Savannah, Ga.; and Jacksonville, Fla.NPC will fund the purchase with proceeds from the sale of the 70 restaurants to Pizza Hut, as well as utilizing a $75 million credit line and cash on hand.