NPC International, Inc. has acquired 82 Pizza Hut restaurants in the Tampa Bay area and seven Pizza Huts in Cedar Rapids, Iowa, for $26 million.
The acquisition was part of two separate agreements between NPC, the world’s largest Pizza Hut franchisee, and Pizza Hut, Inc. according to filings with the Securities and Exchange Commission.
In one transaction, NPC bought 89 Pizza Hut units, including the Tampa units, from Pizza Hut Inc. for $26 million in cash. In a second transaction, Pizza Hut Inc. bought 70 other units from NPC for $18.8 million in cash and NPC bought 102 Pizza Hut units for $26.1 million in cash.
As part of the asset purchase agreement, NPC acquired property at 14799 N. Dale Mabry Highway in Tampa. Other specific locations of the Pizza Huts involved in the deal were not disclosed.
As a result of the transactions, NPC, headquartered in Overland Park, Kan., 1,098 units in 27 states.