Good Morning Wolf Pack,

Today's newsletter covers Yum! Brands selling Pizza Hut for $2.7 billion, TOGO'S Sandwiches gearing up for its next growth push, and Unleashed Brands adding new leadership to drive youth enrichment franchise expansion.

Enjoy!

Was this email forwarded to you?

Subscribe Here

FROM THE WOLF DEN

1) Yum! Brands Sells Pizza Hut for $2.7 Billion as U.S. Sales Continue to Slide

Yum! Brands is selling Pizza Hut for $2.7 billion in a split deal: Yum China will acquire the chain's mainland China business for $1.2 billion, while Connecticut-based private equity firm LongRange Capital will pick up the U.S. and all remaining international markets for $1.5 billion. The transaction covers a brand with roughly 6,300 U.S. locations and nearly 20,000 stores globally.

The sale ends what has been a prolonged stretch of underperformance. Pizza Hut's U.S. same-store sales have declined for roughly two years running, and the brand had already announced plans to shutter 250 locations in 2026. Yum! Brands had pivoted to a carry-out-focused model in recent years, a strategy that failed to stem the slide as competitors like Domino's and Papa John's faced their own headwinds in a market that boomed post-COVID and has since stalled.

CEO Chris Turner cited a desire for focus: "These transactions enable Yum! to be a more focused company." Analyst Neil Saunders from GlobalData was more blunt, calling Pizza Hut "the weak link in Yum!'s portfolio" and noting that returning it to growth would have required a level of investment and patience the parent company was unwilling to commit. With the sale complete, Yum! can now direct its attention toward Taco Bell and KFC, both of which have continued to perform well.

2) TOGO'S Sandwiches Taps Franchise FastLane to Expand Its 3.0 Concept Across the Western U.S.

TOGO'S Sandwiches, the 55-year-old West Coast sandwich brand known for its hand-sliced pastrami and premium meats, has partnered with Franchise FastLane's CarPool program to fuel expansion of its next-generation 3.0 concept across Arizona, California, Nevada, Oregon, and Washington. The brand currently has more than 170 locations open or in development across those five states.

Founded in 1971 in San Jose adjacent to San Jose State University, TOGO'S built its following around one principle: never compromise on the sandwich. The 3.0 model represents a refined, leaner prototype designed for the current fast-casual environment. John Dyer, VP of Franchise Development at TOGO'S, put it plainly: "We have 55 years of product credibility, a next-generation operating model that's proven itself, and now the right partner to scale it."

With the U.S. sandwich market projected to reach $72.43 billion in 2026, the timing of the expansion push is deliberate. Franchise FastLane's CarPool program provides territory checks, marketing, compliance oversight, and access to its network of franchise consultants. For TOGO'S, the partnership is an attempt to move from a regional staple into a more broadly distributed brand without losing the product quality that built its name.

3) Unleashed Brands Names James Franks Chief Franchise Officer to Lead Multi-Brand Growth

Unleashed Brands, the youth enrichment franchise platform behind The Little Gym, Sylvan Learning, Snapology, Class 101, Premier Martial Arts, Urban Air, and Water Wing Swim School, has appointed James Franks as chief franchise officer. Franks previously served as the company's VP of franchise recruiting from 2019 to 2025 before leading development at WellBiz Brands, making this a reunion hire.

In his new role, Franks will lead franchise development efforts across the entire Unleashed Brands portfolio. Michael Browning Jr., CEO and founder, credited Franks with understanding both the brands and what makes a strong franchise partner. "As we continue expanding our platform and serving more kids and families, I'm excited to welcome James back and have him lead this next chapter of growth," Browning said.

The appointment is a signal that Unleashed Brands, which operates one of the more distinctive multi-brand models in franchising by allowing its portfolio to share infrastructure and support systems, is preparing for a more aggressive development push. Having a CFO-level hire from within the system suggests continuity of culture alongside growth ambitions.

EXTRA SAUCE 💥

Freddy's Frozen Custard Names Two New Development Execs as It Approaches 600 Units Freddy's has brought on Jackie Lobdell as VP of franchise sales and Rafik Farouk as VP of business development, adding development firepower as the brand closes in on its 600th location.

Little Greek Fresh Grill Signs 30-Unit Deal for Miami and Fort Lauderdale Markets The Tampa-based Mediterranean fast-casual brand, which has 35 existing Florida locations, signed an area representative deal covering up to 30 new restaurants in South Florida over the next decade.

Celebree School Names New VP of Franchise Development Ahead of Multi-Market Push John Palumbo, a 20-year franchising veteran with stints at A&W, H&R Block, and Primrose Schools, joins Celebree as VP of franchise development with targets in Atlanta, Boston, Chicago, and Texas markets.

Pigtails & Crewcuts Partners With Ronald McDonald House Atlanta in Community Initiative The 85-plus unit kids salon franchise is launching a quarterly event series to provide free haircuts and activities for families of children undergoing medical treatment in Atlanta.

Service Experts Expands Texas Footprint With Second Houston-Area Franchise Agreement Father-son team Steve and Logan Marullo have signed on to serve Katy and Sugar Land, Texas, marking the HVAC service brand's second franchise agreement in Texas in two months.

Foodtastic Acquires Kinton Ramen, Adding a Japanese Concept to Its Canadian Restaurant Portfolio Montreal-based Foodtastic, which also operates Dunkin' in Canada, acquired the Toronto-born Kinton Ramen brand to add an Asian dining concept to its growing multi-brand portfolio.

Code Ninjas Names Tyler Semerdjian Chief Marketing Officer to Accelerate Growth The 350-plus unit kids coding franchise brought in Semerdjian, who previously helped generate over $100 million in revenue at Family Quest Entertainment, to build marketing infrastructure that drives franchisee growth at scale.

Pillar To Post Home Inspectors Taps 30-Year Franchising Veteran as VP of Franchise Development D'Wayne Tanner, whose career spans Yum! Brands, Wendy's International, and BELFOR Franchise Group, joins the 400-plus unit home inspection brand to lead development and attract owner-operators looking to scale.

Mountain Mike's Pizza Promotes Ryan Lulow to CFO After Five Years of Financial Leadership Lulow, who helped build Mountain Mike's financial reporting infrastructure as controller and VP of finance, steps up to CFO as the California-based family pizza brand pursues continued franchise expansion.

Fitness Franchise Consolidation Is Accelerating as PE Money Flows Into the Space Private equity is fueling larger and larger franchisee portfolios in major fitness systems including Planet Fitness, Crunch, and Club Pilates, with industry insiders expecting acquisition activity to pick up through the rest of 2026.

Indoor Golf Franchises Are Taking Their Shot as Simulator Demand Grows Year-Round Brands including The Back Nine Golf (150 locations, 20 openings per month), TruGolf Links, Golf Crypt, and The Swing Bays are all betting that year-round simulator access can build the kind of habitual customer base that drives franchise growth.

GarageExperts Opens Its First-Ever Corporate Territories While Signing New 3-Unit Franchise Deal in DFW The national garage improvement franchise made history by launching its first corporate-owned territories in Grapevine, Texas, while simultaneously signing a three-territory franchisee deal covering North Dallas, Plano, and Frisco.

WOLF BITES

• Wine brands chase Gen Z with playful tie-ins to Shark Week, NASCAR, and more 🍷

• Federal Reserve chairman Alan Greenspan dies at 100 🪦

• Waymo has been blocked from NYC by labor unions and the taxi lobby 🚕

• Nobel laureate John Jumper is leaving Google DeepMind for Anthropic 🧬

• Kids as young as six are being given weight-loss drugs 😮

• US authorizes Iranian oil sales amid talks on final peace deal 👀

• Keir Starmer announces resignation, UK to get sixth PM in seven years 🤯

That’s it for this edition of The Wolf Report. Feel free to reply with any questions or feedback. Thanks and see you Thursday!

— The Wolf