Tasty Restaurant Group, a Pizza Hut and Burger King operator owned by the private equity firm Triton Pacific, has acquired 37 Pizza Hut locations in Virginia and Northern Virginia.
The deal gives Tasty 153 Pizza Hut locations to go along with 63 Burger King restaurants in 10 states.
“The addition of these locations will enhance our existing portfolio in Virginia and West Virginia and improve operational economies of scale,” Craig Faggen, Triton Pacific’s CEO, said in a statement. “Quick-service restaurants continue to perform well and have adapted to new safety and operational procedures.”
The acquisition market in the restaurant space has picked up in recent months, particularly in sectors deemed recovered during the pandemic.
NPC International, Pizza Hut’s largest franchisee with 900 locations to go along with nearly 400 Wendy’s units, is currently on the auction block and has drawn close to 60 different bidders, for instance. Several companies have received investments, including Zaxby’s and Torchy’s Tacos.