priszm brands, Canadian Pizza Hut franchisee, heads toward IPO

Sept. 28, 2003

TORONTO -- priszm brandz, franchisee of 360 Pizza Hut units, as well as KFC, Taco Bell and Long John Silver's units in Canada, wants to raise more than CAN $200 million (U.S. $148 million) through sales of units of a trust that will hold an interest in its 768 franchise stores.

According to the Toronto Globe and Mail, the firm, which is controlled by entrepreneur John Bitove, is expected to go to regulators in early October with a prospectus for an initial public offering.

In the past 18 months, Boston Pizza Royalties Income Fund, Keg Royalties Income Fund, A&W Revenue Royalties Income Fund and Prime Restaurants Royalty Income Fund made similar public offerings.

The sale price for priszm units will be CAN $10 (U.S. $7.38) each.

Privately held priszm does not release its financial results, but its Web site claims its Pizza Hut units grossed CAN $450 million (U.S. $332 million) in sales in 2002.

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Topics: Pizza Hut , Public Companies

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