Sixth Street Buys Fried Chicken Chain Wingstop’s UK Franchise

Sixth Street has reached a deal to acquire a majority stake in the UK franchise of fast-growing fried chicken chain Wingstop.

The investment firm will invest in Lemon Pepper Holdings, which operates the Wingstop franchise in the UK and Ireland, according to a statement Sunday. Co-founders Tom Grogan, Herman Sahota and Saul Lewin, along with Wingstop Inc., will remain minority shareholders.

Sixth Street paid more than £400 million ($503 million) for the deal, according to people with knowledge of the matter who asked not to be identified discussing confidential terms. At that amount, Wingstop would be fetching among ...