This is part of a case series. In 2000, Tricon Restaurant, the parent company of Pizza Hut, decided to spin off all its non-strategic businesses, including Pizza Belgium. The CEO of Pizza Belgium, Stef Meulemans, was afraid of the consequences of a trade sale to an international player. He therefore attempted to put together a management buy-out. Stef Meulemans could invest 125,000 euros of his own in the transaction. Although he didn't know yet how the deal would be financed or how much equity would be needed, it was quite likely that a financial partner with additional funds would be needed. The fraction of the shares that Stef Meulemans could acquire would depend on the amount of equity required from the private equity investor and his own negotiation and deal structuring skills.