Luxembourg's Luz Business Opportunities SARL are in talks to acquire the İzmir-born restaurant chain Pizza Pizza, which operates across the country with 150 branches.

While there has been no official announcement, the Dünya newspaper reported the discussions on Tuesday and said that if the parties reach an agreement, Luz will own the entire Pizza Pizza Türker Tourism Enterprises brand.

Pizza Pizza was founded by entrepreneur Abbas Türker on Kıbrış Şehitleri Avenue, the main street of Alsancak neighborhood of İzmir in 1995. Less than five years later at the end of the 1990s, Türker opened his first production facility, which was 4,000 square meters, in İzmir.

Today the pizza chain, which has a branch in almost every region of Turkey, has spread to 40 different provinces - including the eastern cities of Ağrı, Batman and Kars.

The first overseas branch of the brand was opened in Iraq in 2010. Today, the country is home to a total of seven stores.

Although the company planning to purchase Pizza Pizza is based in Luxembourg, the main buyer is reportedly a private equity fund - Mediterra Capital - that is quite familiar with the Turkish market.

Having attracted investment from financial institutions such as FMO Bank, which partnered up with European Bank of Reconstruction and Development (EBRD), the European Investment Bank and World Bank, Mediterra Capital also has partnerships with Turkish companies such as Tavuk Dünyası, Söke Un, Arkel, GlassHouse, Arzum and Logo Yazılım.

Abraaj and Turkven are among the most important investors in the Turkish pizza market. Turkish private equity company Turkven became a partner in Domino's Pizza, while Pizza Hut, which Süzer Group sold to the U.S. Yum Brands, and KFC were bought by Dubai-based Abraaj.