,Australia

Pizza Hut Australia owners mull IPO: report

The chain will continue to roll out a series of branded kiosks.

The private equity owner of Pizza Hut in Australia is exploring a possible ASX float of the business as the pizza chain experiences significant growth over the past 24 months, supported by COVID-driven demand for takeaway food.

"Because we are a private equity fund, by necessity, we need to find an exit," Chester Moynihan, founder and managing director of Allegro Funds told The Sydney Morning Herald and The Age. "For the business it means a new partner who will continue to invest into the growth story. Whether that's an IPO or some other means will be determined at the time."

The pizza chain’s Australian operations were sold by US-based Yum! Brands in 2016 to Allegro.

Recently, Pizza Hut announced a new partnership with British service station operator EG Group to roll out a series of branded kiosks at the latter’s service station networks across Australia.

The chain’s first two kiosks are located in Kingswood and Liverpool in New South Wales, with a third planned to open in early 2021.

“We have been working on the transformation of Pizza Hut Australia for four years and are now reaping the rewards from the hard work. Rolling out Pizza Hut kiosks in partnership with Euro Garages enables us to expand Pizza Hut’s reach and bring our much loved Pizza to a wider audience,” Jeremy Trouncer, Investment Manager from Allegro and Director of Pizza Hut Australia, explained.

“For us this is about bringing Pizza Hut to a wider audience and providing quality food to those on the road. This is the result of the involvement of many parties who have worked hard to make this happen, one of which is Allegro, our long-standing partner and investor,” Pizza Hut Australia chief executive officer Phil Reed added.
 

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