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Kansas-based NPC International Inc. has completed the acquisition of 36 Pizza Hut units, including five fee-owned properties located primarily in and around Jacksonville, Fla., for $18.8 million from Pizza Hut Inc.
Thirty of the units acquired generated $27.8 million in net product sales during the 53 weeks ended December 2011; the remaining six units acquired are not included in these results because none of these units were open and/or under PHI management for a full year.
The transaction was funded by approximately $15 million of available cash reserves and borrowings on the company's $100.0 million revolving credit facility.
NPC International Inc. is the largest Pizza Hut franchisee and the largest franchisee of any restaurant concept in the U.S., operating 1,187 Pizza Hut units in 28 states.
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