Private equity company Longreach Group is weighing a sale of its majority interest in Wendy’s First Kitchen in Japan, as reported by Bloomberg.
Longreach has appointed a financial adviser and begun sounding out prospective buyers. A spokesperson refrained from comment.
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Longreach acquired shares in Wendy’s Japan in 2016.
Ernest Higa chairs Wendy’s Japan and is president of food importer and distributor Higa Industries, which may also offload its holding alongside Longreach.
Higa Industries bought 51% of Wendy’s Japan in 2011 and kept a minority stake after Longreach’s purchase.
Wendy’s entered Japan in 1980, subsequently exited then re-entered the market in 2011.
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By GlobalDataIn 2016, Wendy’s Japan acquired hamburger and pasta chain First Kitchen from beverages conglomerate Suntory Holdings.
It also signed an exclusive licensing agreement with the Wendy’s Company to grow the First Kitchen business domestically.
Currently, Wendy’s First Kitchen operates 108 restaurants across Japan.
Wendy’s began in Columbus, Ohio, in 1969 and has more than 7,000 locations in more than 30 markets and US territories.
Other international quick-service restaurant assets in Japan, such as Burger King, are also drawing deal interest.
In November 2025, investment bank Goldman Sachs obtained exclusive negotiating rights to pursue the purchase of Burger King’s Japan operations.
A possible deal could be valued at around Y70bn ($452m), with rights granted by Hong Kong-based Affinity Equity Partners, which has held Burger King’s master franchise in Japan since 2017.
