The Investor Who Turned Arby’s Into a $20 Billion Empire Just Bought Pizza Hut for $1.5 Billion

Pizza Hut has a new chef. Yum! Brands confirmed Tuesday that it has agreed to sell the franchise in a $2.7 billion combined deal, according to the New York Times. As reported earlier this month, LongRange Capital will pay $1.5 billion for Pizza Hut’s U.S. and international locations outside mainland China. Yum China will separately acquire the Chinese locations for $1.2 billion.

The chain, famous for its pan pizza and red roofs, has had a rough decade, shrinking from 8,000 domestic locations in 1999 to just over 6,300 today, with 250 more closures in the first half of this year. But it still operates 15,500 restaurants across 108 countries and generates approximately $10 billion in annual sales.

LongRange founder Bob Berlin previously helped turn Arby’s from a debt-laden, struggling chain into Inspire Brands, now targeting a $20 billion IPO. If he brings the same patience to Pizza Hut, the chain that two brothers started in 1958 with a $600 loan isn’t done yet.