NPC International (Pizza Hut)

bankrupt

Restaurant — Olympus Partners

Deal Terms

Entry Year2006

Entry EV$0.72B

Entry Multiple8x

Leverage6.5x

Debt Amount$0.903B

Outcome

Exit Year2020

Risk Metrics

LTV (est.)125%

Debt / EV1.25x

Notes

Largest Pizza Hut and Wendy's franchisee. $903M debt. Filed Chapter 11 July 2020. Closed 300 Pizza Hut locations. PE loaded franchise operator with debt — then minimum wage hikes and delivery app competition destroyed margins.

Sponsor

Partners Group$185B AUM