LongRange Capital ("LongRange"), a private equity firm with a customer-centric and operationally oriented approach to building and growing businesses, today announced that it has completed its acquisition of Pizza Hut, excluding Mainland China ("Pizza Hut"), from Yum! Brands, Inc. (NYSE:YUM) ("Yum!").

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Founded in 1958, Pizza Hut is a global restaurant leader with approximately $10 billion in system-wide sales. For nearly seven decades, the Pizza Hut brand has defined the pizza category, introducing icons such as the Original Pan® and Original Stuffed Crust® pizzas.

"As a standalone business, we are now fully focused on Pizza Hut’s guests, our franchisees, and the teams who bring the brand to life every day," said Eduardo Luz, Interim Chief Executive Officer of Pizza Hut. "With LongRange’s support and resources, we are well-positioned to invest in the brand and build on Pizza Hut’s legacy as we enter this next chapter."

"We are excited to complete this transaction and to partner with Eduardo and the Pizza Hut team," said Bob Berlin, Founder and Managing Partner of LongRange. "Pizza Hut has a storied legacy and global footprint that represents a significant opportunity. We are committed to supporting our franchisees and making the right investments to help Pizza Hut deliver consistently great food and experiences for guests around the world, while executing the operational and digital initiatives that will drive sustainable growth."

About LongRange Capital

LongRange Capital is a private equity firm formed to apply a longer-term perspective to investments and employ a company-focused, customer-first philosophy to building better businesses. We seek to create value by partnering with our portfolio companies and their management teams to ensure that the strategy, resources, capital, execution, and incentives are aligned to achieve our collective goals. The LongRange team has a successful track record of investing in and growing businesses across a range of industries, including consumer goods and services, data & technology, and value-added industrials, among other segments. LongRange is currently investing a highly flexible, committed capital pool backed by long-term institutional holders. For more information, please visit www.longrangecapital.com.

About Pizza Hut®

Pizza Hut was founded in 1958 in Wichita, Kansas, and is a global leader in the pizza category. The brand has earned a reputation as a trailblazer in innovation with the creation of icons like Original Pan® and Original Stuffed Crust® pizzas. In 1994, Pizza Hut pizza was the very first online food order, and today Pizza Hut continues leading the way in the digital and technology space with over half of transactions worldwide coming from digital orders. In addition, Pizza Hut has Hut Rewards®, the brand's loyalty program in the U.S. that offers points for every dollar spent on food any way you order. Pizza Hut is focused on creating great experiences for guests through delicious food, digital innovation and the strength of its global franchise system, making it easier than ever for guests to enjoy Pizza Hut whenever and however they choose.

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For LongRange: Brian Ruby, ICR, 203-682-8268, brian.ruby@icrinc.com

For Pizza Hut: Pizza Hut Public Relations, PizzaHutPublicRelations@pizzahut.com