Private equity firm acquires Pizza Hut

Three former McDonald's executives and a Sydney-based private equity firm have taken control of Pizza Hut in Australia.

Equity firm Allegro and former McDonald's executives Peter Rodwell, Lisa Ransom and Chris Leslie have bought the master franchisee licence for Pizza Hut in Australia from US parent company Yum! Brands.

Allegro has declined to comment on how much the deal was worth or on the state of Pizza Hut's financials.

There has been speculation that Allegro is also interested in Eagle Boys Pizza, which was put up for sale after going into voluntary administration in July.

"Our immediate focus will be strengthening the network of Pizza Hut stores across Australia through increased investment, resources and management focus," Allegro founding partner Chester Moynihan said in a statement.

The McDonald's executives will take on leadership roles at Pizza Hut and plan to meet with franchisees soon.

Pizza Hut is embroiled in a legal dispute with franchisees who have accused the organisation of forcing them to slash prices to compete with Domino's, allegedly sending some out of business.