Kansas-based NPC International Inc. has completed the acquisition of 36 Pizza Hut units, including five fee-owned properties located primarily in and around Jacksonville, Fla., for $18.8 million from Pizza Hut Inc.
Thirty of the units acquired generated $27.8 million in net product sales during the 53 weeks ended December 2011; the remaining six units acquired are not included in these results because none of these units were open and/or under PHI management for a full year.
The transaction was funded by approximately $15 million of available cash reserves and borrowings on the company’s $100.0 million revolving credit facility.
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