Japan’s Genki Global Dining Concepts is set to acquire Food Odyssey, which operates around 180 Sushi Sushi restaurants in Australia.
The financial details of the transaction were not disclosed.
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Following completion, Food Odyssey will operate as a subsidiary of Genki Global Dining Concepts.
In a statement, Genki Global Dining Concepts said: “This transaction is part of an effort to position the ever-growing overseas Japanese food and sushi market as the core of a medium- to long-term growth strategy, with an eye on the maturation of the domestic market.
“Going forward, the company’s long-term goal is to become one of the world’s leading Japanese sushi brands in terms of store numbers, and to become one of the world’s leading QSR [quick service restaurant] brands.”
Founded in 1968, Genki Global Dining Concepts runs several sushi restaurant brands internationally, including Genki Sushi, Senry and Uobei.
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By GlobalDataThe group operates more than 430 stores across 14 countries, including China, Hong Kong, Indonesia, Kuwait, the Philippines, and the US.
Sushi Sushi’s CEO Stephen Anders confirmed the sale in a LinkedIn post and said the move would support the brand’s growth plans in Australia and abroad.
He said: “Seven years in this business have reinforced what it takes to transform a network of retail outlets into a cohesive, high-performing growth platform.
“It requires a clear, disciplined growth strategy, inspiring retail environments, technology that simplifies the customer journey and insights that drive continuous improvement. I’m incredibly proud of the category-leading business we’ve built.”
