Project Description


Pizza Hut is the largest pizza chain in the world by store count with more than 19,000 Pizza Hut Restaurants and Delivery Units operating worldwide as at December 2022. Allegro acquired the master franchisee licence for Pizza Hut in Australia from US-based parent company Yum! Brands in 2016 as the fourth investment in Allegro Fund II. At the time of acquisition, Allegro also bought the Eagle Boys chain out of administration and converted the chain into Pizza Hut stores.

When acquiring Pizza Hut, Allegro saw a worn-out brand with disengaged franchisees that had lost its share of voice, but also an opportunity to reinvigorate an iconic Australian brand with a strong brand position and high transformation potential.


Using its proven Active Complex Transformation (ACT) method, Allegro partnered with Pizza Hut’s CEO Phil Reed (who was appointed in April 2018) and its dedicated management team to execute a successful turnaround, transforming the business into a profitable growing network through an unwavering focus on operational excellence and customer satisfaction. A key focus was also on rebuilding the chain’s digital platform and using data and analytics to drive business decisions, as well as on brand building and expanding the product and partnership platform.

Following its remarkable transformation, Pizza Hut at the time of Allegro’s exit was Australia’s fastest growing quick service restaurant brand, with a store network of 259 stores and ambitious plans to significantly grow its restaurant count. Despite the impact of COVID-19, as of May 2023 the business had achieved 51 consecutive months of same store sales growth.


In June 2023, Allegro signed an agreement to sell its stake in Pizza Hut Australia to America’s largest restaurant franchise operator, Flynn Restaurant Group.

Under Allegro’s ownership, Pizza Hut Australia grew network sales from $180 million to $270 million, more than doubled average franchisee store sales and significantly improved profitability of the business. Pizza Hut Australia has been transformed into a solid business with proven performance and robust growth prospects that will continue to thrive through Flynn’s investment backing and QSR expertise.