Pizza Hut bought by private equity firm that owns 24 Hour Fitness

June 17, 2026 - 02:03

Private equity firm TDR Capital has acquired Pizza Hut's UK arm, adding the pizza chain to a portfolio that already includes the struggling gym chain 24 Hour Fitness. The deal, valued at around 1.3 billion pounds, hands over control of roughly 1,100 Pizza Hut locations across the United Kingdom. TDR Capital plans to merge the business with its existing restaurant holdings, which include the casual dining chain The Restaurant Group.

The move is the latest in a long line of private equity takeovers of well-known restaurant brands. In recent years, firms have snapped up chains like Burger King, Arby's, and even the parent company of Olive Garden. The logic is often the same: buy a brand that has lost some of its shine, cut costs, streamline operations, and sell it for a profit a few years later. But the track record is mixed. Some chains, like Domino's, have thrived under private ownership. Others, like Friendly's and Sbarro, have filed for bankruptcy after being loaded with debt.

TDR Capital's history with 24 Hour Fitness offers a cautionary tale. The firm bought the gym chain in 2014, but the business was hit hard by the pandemic and filed for bankruptcy in 2020. It emerged with fewer locations and a mountain of debt. For Pizza Hut, the challenge will be similar: the chain has been losing market share to rivals like Domino's and Papa John's, and its dine-in business has never fully recovered from the pandemic. TDR Capital will need to find a way to make the brand relevant again without alienating its core customer base. Whether that means more delivery-focused stores, a revamped menu, or a new marketing strategy remains to be seen.