Mayfair Equity Partners has sold the Snowfox Group, a multi-channel and international Japanese food business, whose UK and US brands include YO! Sushi, Snowfox, Bento, and Taiko, to Zensho Holdings – a Japanese food service company – in a deal valued at $621m.
Mayfair, a dedicated consumer and technology private equity investor with over £2bn in assets under management, will fully exit Snowfox. The terms of transaction are to be confirmed and completion remains subject to customary closing conditions.
Post-closing, Snowfox’s leadership team, including CEO Richard Hodgson, will remain with the business to work closely with Zensho’s senior management.
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Zensho operates a diverse portfolio of businesses in Japan, including the beef bowl restaurant Sukiya, the 100 yen sushi restaurant Hama-sushi, and the family restaurant Coco’s, as well as retail and nursing care businesses.
Outside of Japan, the company also operates Sukiya, Hama-sushi mainly in East Asia, Advanced Fresh Concepts (AFC) mainly in the US, and The Chicken Rice Shop (TCRS), which operates halal-certified chicken rice shops in Malaysia.
Source: Private Equity Wire
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